BV511 An Overview of Impairment Testing (under ASC 350 and 360)
The last 12 months have been marked by unprecedented uncertainty and volatility in both U.S. and global markets. Few companies have been spared the impacts of the COVID-19 pandemic, the China trade war and the collapse of oil prices. It is likely that these factors have not only already impacted your clients’ businesses and investments but that they may continue to do so through 2021. As a result, the likelihood that impairment charges will need to be taken has increased. Join Dan Callanan and Rebecca McElwain as they provide an overview of valuation requirements to support impairment testing under ASC 350 and ASC 360, a highlight of best practices and pitfalls to avoid, and tips for preparing for the upcoming impairment testing busy season.
Upon webinar completion, the participant will be able to:
- Recognize conditions relevant for impairment testing;
- Understand key elements for application of ASC 350/360 in current environment;
- Explain the procedures and sequential process of impairment testing; and
- Constructively challenge the assumptions inherent in an ASC 350/360 analysis.
-Business valuation appraisers (generalists and non-Financial Reporting specialists) -Chief Accounting Officers, Chief Financial Officers, and Controllers -External financial statement audit staff and managers -Audit committee chairs of Boards of Directors
Daniel P. Callanan, ASA | Prairie Capital Advisors, Inc.
Dan Callanan has been an Accredited Senior Appraiser (in business valuation) since 1997. He is a seasoned valuation professional, having advised privately held and publicly traded companies on valuation and other financial matters for nearly 30 years. Dan has performed business valuation and financial advisory services for publicly traded and private companies for numerous purposes including financial reporting, employee stock ownership plans (ESOPs), fairness opinions, solvency opinions, buy/sell agreements and other corporate tax and restructuring related matters.
Rebecca McElwain, CPA | Prairie Capital Advisors, Inc.
Rebecca McElwain has been performing business valuations for nearly 20 years. She manages, executes and delivers fair value analyses and reports for publicly traded and private clients, including valuations for purchase price allocations (ASC 805), portfolio and fund valuations (ASC 820), equity-based compensation (ASC 718), and indefinite and long-lived intangible asset impairment testing (ASC 350/360). Rebecca works to ensure seamless communication with clients and trusted service providers.