Financial Acc. Chap 2

IMPAIRMENTS
Recognizing Impairments
A long-lived tangible asset is impaired when a company is not
able to recover the asset’s carrying amount either through
using it or by selling it.
On an annual basis, companies review the asset for

indicators of impairments—that is, a decline in the asset’s
cash-generating ability through use or sale.
11-1 LO 5
If impairment indicators are present, then an impairment test

must be conducted.
ILLUSTRATION 11-15
Impairment Test
11-2 LO 5
Example: Assume that Cruz Company performs an impairment
test for its equipment. The carrying amount of Cruz’s equipment is
€200,000, its fair value less costs to sell is €180,000, and its
value-in-use is €205,000.
ILLUSTRATION 11-15
€200,000 €205,000
No
Impairment
€180,000 €205,000
11-3 LO 5
Example: Assume the same information for Cruz Company
except that the value-in-use of Cruz’s equipment is €175,000
rather than €205,000.
€20,000 Impairment Loss
ILLUSTRATION 11-15
€200,000 €180,000
€180,000 €175,000
11-4 LO 5
Example: Assume the same information for Cruz Company
except that the value-in-use of Cruz’s equipment is €175,000
rather than €205,000.
€20,000 Impairment Loss
ILLUSTRATION 11-15
€200,000 €180,000
Cruz makes the following entry to record the impairment loss.

Loss on Impairment 20,000
Accumulated Depreciation—Equipment 20,000
11-5 LO 5
Impairment Illustrations
Case 1
At December 31, 2016, Hanoi Company has equipment with a cost of
VND26,000,000, and accumulated depreciation of VND12,000,000. The
equipment has a total useful life of four years with a residual value of
VND2,000,000. The following information relates to this equipment.
1. The equipment’s carrying amount at December 31, 2016, is
VND14,000,000 (VND26,000,000 - VND12,000,000).
2. Hanoi uses straight-line depreciation. Hanoi’s depreciation was
VND6,000,000 [(VND26,000,000 - VND2,000,000) ÷ 4] for 2016
and is recorded.
3. Hanoi has determined that the recoverable amount for this asset at
December 31, 2016, is VND11,000,000.
4. The remaining useful life of the equipment after December 31,
2016, is two years.
11-6 LO 5
Case 1: Hanoi records the impairment on its equipment at

December 31, 2016, as follows.
VND3,000,000 Impairment Loss

ILLUSTRATION 11-15
VND14,000,000 VND11,000,000
Loss on Impairment 3,000,000

Accumulated Depreciation—Equipment 3,000,000
11-7 LO 5
Equipment VND 26,000,000

Less: Accumulated Depreciation-Equipment 15,000,000
Carrying value (Dec. 31, 2016) VND 11,000,000
Hanoi Company determines that the equipment’s total useful life

has not changed (remaining useful life is still two years). However,
the estimated residual value of the equipment is now zero. Hanoi
continues to use straight-line depreciation and makes the
following journal entry to record depreciation for 2017.
Depreciation Expense 5,500,000

Accumulated Depreciation—Equipment 5,500,000
11-8 LO 5
Case 2
At the end of 2015, Verma Company tests a machine for impairment. The
machine has a carrying amount of $200,000. It has an estimated
remaining useful life of five years. Because there is little market-related
information on which to base a recoverable amount based on fair value,
Verma determines the machine’s recoverable amount should be based on
value-in-use. Verma uses a discount rate of 8 percent. Verma’s analysis
indicates that its future cash flows will be $40,000 each year for five
years, and it will receive a residual value of $10,000 at the end of the five
years. It is assumed that all cash flows occur at the end of the year.
ILLUSTRATION 11-16
Value-in-Use Computation
11-9 LO 5
Case 2: Computation of the impairment loss on the machine at
the end of 2015.
$33,486 Impairment Loss
ILLUSTRATION 11-15
$200,000 $166,514
Unknown $166,514
11-10 LO 5
Case 2: Computation of the impairment loss on the machine at
the end of 2015.
$33,486 Impairment Loss
$200,000 $166,514

Accumulated Depreciation—Machinery 33,486
Unknown $166,514
11-11 LO 5
Reversal of Impairment Loss
Illustration: Tan Company purchases equipment on January 1,

2015, for HK$300,000, useful life of three years, and no residual
value.
At December 31, 2015, Tan records an impairment loss of

HK$20,000.
11-12 LO 5
Reversal of Impairment Loss
Depreciation expense and related carrying amount after the

impairment.
At the end of 2016, Tan determines that the recoverable amount of

the equipment is HK$96,000. Tan reverses the impairment loss.

Recovery of Impairment Loss 6,000
11-13 LO 5
IMPAIRMENTS
Cash-Generating Units
When it is not possible to assess a single asset for impairment
because the single asset generates cash flows only in
combination with other assets, companies identify the
smallest group of assets that can be identified that generate
cash flows independently of the cash flows from other assets.
11-14 LO 5
IMPAIRMENTS
Impairment of Assets to Be Disposed Of

 Report the impaired asset at the lower-of-cost-or-net
realizable value (fair value less costs to sell).
 No depreciation or amortization is taken on assets held
for disposal during the period they are held.
 Can write up or down an asset held for disposal in future
periods, as long as the carrying amount after the write up
never exceeds the carrying amount of the asset before
the impairment.
11-15 LO 5
IMPAIRMENTS
ILLUSTRATION 11-18
Graphic of Accounting for
Impairments
11-16 LO 5
REVALUATIONS
Recognizing Revaluations
Companies may value long-lived tangible asset subsequent
to acquisition at cost or fair value.
► Change in the fair value accounted for by adjusting the asset
account and establishing an unrealized gain.
► Unrealized gain is often referred to as revaluation surplus.
11-17 LO 7
REVALUATIONS
► The general rules for revaluation accounting are as

follows.
1. When a company revalues its long-lived tangible

assets above historical cost, it reports an unrealized
gain that increases other comprehensive income.
Thus, the unrealized gain bypasses net income,
increases other comprehensive income, and
increases accumulated other comprehensive
income.
11-18 LO 7
REVALUATIONS

follows.
2. If a company experiences a loss on impairment

(decrease of value below historical cost), the loss
reduces income and retained earnings. Thus, gains
on revaluation increase equity but not net income,
whereas losses decrease income and retained
earnings (and therefore equity).
11-19 LO 7
REVALUATIONS

follows.
3. If a revaluation increase reverses a decrease that

was previously reported as an impairment loss, a
company credits the revaluation increase to income
using the account Recovery of Impairment Loss up
to the amount of the prior loss. Any additional
valuation increase above historical cost increases
other comprehensive income and is credited to
Unrealized Gain on Revaluation.
11-20 LO 7
REVALUATIONS

follows.
4. If a revaluation decrease reverses an increase that

was reported as an unrealized gain, a company first
reduces other comprehensive income by eliminating
the unrealized gain. Any additional valuation
decrease reduces net income and is reported as a
loss on impairment.
11-21 LO 7
Recognizing Revaluation
Revaluation—Land
Illustration: Siemens Group (DEU) purchased land for
€1,000,000 on January 5, 2015. The company elects to use
revaluation accounting for the land in subsequent periods. At
December 31, 2015, the land’s fair value is €1,200,000. The entry
to record the land at fair value is as follows.
Land 200,000
Unrealized Gain on Revaluation - Land 200,000
Unrealized Gain on Revaluation—Land increases other comprehensive

income in the statement of comprehensive income.
11-22 LO 7
Revaluation—Depreciable Assets
Illustration: Lenovo Group (CHN) purchases equipment for
¥500,000 on January 2, 2015. The equipment has a useful life of
five years, is depreciated using the straight-line method of
depreciation, and its residual value is zero. Lenovo chooses to
revalue its equipment to fair value over the life of the equipment.
Lenovo records depreciation expense of ¥100,000 (¥500,000 ÷ 5)
at December 31, 2015, as follows.
Depreciation Expense 100,000

11-23 LO 7
Revaluation—Depreciable Assets
After this entry, Lenovo’s equipment has a carrying amount of
¥400,000 (¥500,000 - ¥100,000). Lenovo receives an independent
appraisal for the fair value of equipment at December 31, 2015,
which is ¥460,000.

Equipment 40,000
Unrealized Gain on Revaluation—Equipment 60,000
11-24 LO 7
ILLUSTRATION 11-22
Revaluation—Depreciable Assets Financial Statement
Presentation—Revaluations
Under no circumstances can the Accumulated Other Comprehensive Income

account related to revaluations have a negative balance.
11-25 LO 7
Revaluations Issues
Company can select to value only one class of assets, say
buildings, and not revalue other assets such as land or equipment.
If a company selects only buildings,
► revaluation applies to all assets in that class of assets.
► A class of assets is a grouping of items that have a similar
nature and use in a company’s operations.
► Companies must also make every effort to keep the assets’
values up to date.
11-26 LO 7
► REVALUATION OF LAND
Revaluation–2015: Valuation Increase
 To illustrate the accounting for a revaluation, assume
that Unilever Group (GBR and NLD) purchased land on
January 1, 2015, that cost €400,000. Unilever decides
to report the land at fair value in subsequent periods. At
December 31, 2015, an appraisal of the land indicates
that its fair value is €520,000. Unilever makes the
following entry to record the increase in fair value.
11-27 LO 7
Illustration 1A-1 provides a summary of the revaluation

adjustments for Unilever in 2015.
11-28 LO 7
► The land is now reported at its fair value of €520,000.

The increase in the fair value of €120,000 is reported on
the statement of comprehensive income as other
comprehensive income. In addition, the ending balance
in Unrealized Gain on Revaluation—Land is reported as
accumulated other comprehensive income in the
statement of financial position in the equity section.
11-29 LO 7
► Revaluation–2016: Decrease below Historical Cost

 What happens if the land's fair value at December 31,
2016, is €380,000, a decrease of €140,000 (€520,000 −
€380,000)? In this case, the land's fair value is below its
historical cost. Therefore, Unilever debits Unrealized
Gain on Revaluation—Land for €120,000 to eliminate its
balance. In addition, Unilever reports a Loss on
Impairment of €20,000 (€400,000 − €380,000), reducing
net income. Unilever makes the following entry to record
the decrease in fair value of the land.
11-30 ► LO 7
Illustration 1A-2 provides a summary of the revaluation

adjustments for Unilever in 2016.
11-31 LO 7
► The decrease to Unrealized Gain on Revaluation—Land
of €120,000 reduces other comprehensive income,
which then reduces the balance in accumulated other
comprehensive income. The Loss on Impairment of
€20,000 reduces net income and retained earnings. In
this case, Unilever had a revaluation decrease which
first reverses any increases that Unilever reported in
prior periods as an unrealized gain. Any additional
amount is reported as an impairment loss. Under no
circumstances can the revaluation decrease reduce
accumulated other comprehensive income below zero.
11-32 LO 7
► Revaluation–2017: Recovery of Impairment Loss

 At December 31, 2017, Unilever's land value increases
to €415,000, an increase of €35,000 (€415,000 −
€380,000). In this case, the Loss on Impairment of
€20,000 is reversed and the remaining increase of
€15,000 is reported in other comprehensive income.
Unilever makes the following entry to record this
transaction.
11-33 LO 7
► Illustration 1A-3 provides a summary of the revaluation adjustments for 2017
11-34 LO 7
► The recovery of the impairment loss of €20,000

increases income (and retained earnings) only to the
extent that it reverses previously recorded impairment
losses.
 On January 2, 2018, Unilever sells the land for
€415,000. Unilever makes the following entry to record
this transaction.
.
11-35 LO 7
► In this case, Unilever does not record a gain or loss

because the carrying amount of the land is the same as
its fair value. At this time, since the land is sold, Unilever
has the option to transfer Accumulated Other
Comprehensive Income (AOCI) to Retained Earnings.
The entry to record the transfer is as follows.
11-36 LO 7
► The purpose of this transfer is to eliminate the

unrealized gain on the land that was sold. It should be
noted that transfers from Accumulated Other
Comprehensive Income cannot increase net income.
This last entry illustrates why revaluation accounting is
not popular. Even though the land has appreciated in
value by €15,000, Unilever is not able to recognize this
gain in net income over the periods that it held the land.
11-37 LO 7
REVALUATION OF DEPRECIABLE ASSETS
► To illustrate the accounting for revaluations using
depreciable assets, assume that Nokia (FIN) purchases
equipment for €1,000,000 on January 2, 2015. The
equipment has a useful life of five years, is depreciated
using the straight-line method of depreciation, and its
residual value is zero.
► Revaluation–2015: Valuation Increase
 Nokia chooses to revalue its equipment to fair value
over the life of equipment. Nokia records depreciation
expense of €200,000 (€1,000,000 ÷ 5) as follows.
11-38 LO 7
► After this entry, Nokia's equipment has a carrying

amount of €800,000 (€1,000,000 − €200,000). Nokia
employs an independent appraiser, who determines that
the fair value of equipment at December 31, 2015, is
€950,000.
11-39 LO 7
► To report the equipment at fair value, Nokia does the following.
1. Reduces the Accumulated Depreciation—Equipment account to zero.
2. Reduces the Equipment account by €50,000—it then is reported at its
fair value of €950,000.
3. Records an Unrealized Gain on Revaluation—Equipment for the
difference between the fair value and carrying amount of the
equipment, or €150,000 (€950,000 − €800,000). The entry to record
this revaluation at December 31, 2015, is as follows.
11-40 LO 7
► Illustration 1A-4 provides a summary of the revaluation adjustments

for Nokia in 2015.
11-41 LO 7
► Following these revaluation adjustments, the carrying

amount of the asset is now €950,000. Nokia reports
depreciation expense of €200,000 in the income
statement and Unrealized Gain on Revaluation—
Equipment of €150,000 in other comprehensive income.
This unrealized gain increases accumulated other
comprehensive income (reported on the statement of
financial position in the equity section).
11-42 LO 7
► Revaluation–2016: Decrease below Historical Cost

 Assuming no change in the useful life of the equipment,
depreciation expense for Nokia in 2016 is €237,500
(€950,000 ÷ 4), and the entry to record depreciation
expense is as follows.
11-43 LO 7
► Under IFRS, Nokia may transfer from AOCI the difference between
depreciation based on the revalued carrying amount of the
equipment and depreciation based on the asset's original cost to
retained earnings. Depreciation based on the original cost was
€200,000 (€1,000,000 ÷ 5) and on fair value is €237,500, or a
difference of €37,500 (€237,500 − €200,000). The entry to record
this transfer is as follows.
11-44 LO 7
► At this point, before revaluation in 2016, Nokia has the following

amounts related to its equipment.
11-45 LO 7
► Nokia determines through appraisal that the equipment now has a

fair value of €570,000. To report the equipment at fair value, Nokia
does the following.
1. Reduces the Accumulated Depreciation—Equipment account of
€237,500 to zero.
2. Reduces the Equipment account by €380,000 (€950,000 −
€570,000)—it then is reported at its fair value of €570,000.
3. Reduces Unrealized Gain on Revaluation—Equipment by
€112,500, to offset the balance in the unrealized gain account
(related to the revaluation in 2015).
4. Records a loss on impairment of €30,000.
11-46 LO 7
► The entry to record this transaction is as follows.
11-47 LO 7
► Illustration 1A-5 provides a summary of the revaluation adjustments

for Nokia in 2016.
11-48 LO 7
► Following the revaluation entry, the carrying amount of

the equipment is now €570,000. Nokia reports
depreciation expense of €237,500 and an impairment
loss of €30,000 in the income statement (which reduces
retained earnings). Nokia reports the reversal of the
previously recorded unrealized gain by recording the
transfer to retained earnings of €37,500 and the entry to
Unrealized Gain on Revaluation—Equipment of
€112,500. These two entries reduce the balance in
AOCI to zero.
11-49 LO 7
► Revaluation–2017: Recovery of Impairment Loss

 Assuming no change in the useful life of the equipment,
depreciation expense for Nokia in 2017 is €190,000
(€570,000 ÷ 3), and the entry to record depreciation
expense is as follows.
11-50 LO 7
► Nokia transfers the difference between depreciation
based on the revalued carrying amount of the
equipment and depreciation based on the asset's
original cost from AOCI to retained earnings.
Depreciation based on the original cost was €200,000
(€1,000,000 ÷ 5) and on fair value is €190,000, or a
difference of €10,000 (€200,000 − €190,000). The entry
to record this transfer is as follows.
11-51 LO 7
► Nokia determines through appraisal that the equipment
now has a fair value of €450,000. To report the
equipment at fair value, Nokia does the following.
1. Reduces the Accumulated Depreciation—Equipment
account of €190,000 to zero.
2. Reduces the Equipment account by €120,000
(€570,000 − €450,000)—it then is reported at its fair
value of €450,000.
3. Records an Unrealized Gain on Revaluation—
Equipment for €40,000.
11-52 4. Records a Recovery of Loss on Impairment for €30,000.

LO 7
► The entry to record this transaction is as follows.
11-53 LO 7
► Illustration 1A-6 provides a summary of the revaluation
adjustments for Nokia in 2017.
11-54 LO 7
► Following the revaluation entry, the carrying amount of
the equipment is now €450,000. Nokia reports
depreciation expense of €190,000 and an impairment
loss recovery of €30,000 in the income statement. Nokia
records €40,000 to Unrealized Gain on Revaluation—
Equipment, which increases AOCI to €50,000.
11-55 LO 7
► On January 2, 2018, Nokia sells the equipment for
€450,000. Nokia makes the following entry to record this
transaction.
11-56 LO 7
► Nokia does not record a gain or loss because the
carrying amount of the equipment is the same as its fair
value. Nokia transfers the remaining balance in
Accumulated Other Comprehensive Income to Retained
Earnings because the equipment has been sold. The
entry to record this transaction is as follows.
11-57 LO 7
► The transfer from Accumulated Other
Comprehensive Income does not increase net
income. Even though the equipment has
appreciated in value by €50,000, the company
does not recognize this gain in net income over
the periods that Nokia held the equipment.
11-58 LO 7
► At this point, before revaluation in 2017, Nokia has the following

amounts related to its equipment.
11-59 LO 7
GLOBAL ACCOUNTING INSIGHTS
PROPERTY, PLANT, AND EQUIPMENT

U.S. GAAP adheres to many of the same principles as IFRS in the accounting
for property, plant, and equipment. Major differences relate to use of
component depreciation, impairments, and revaluations.
11-60
Relevant Facts
Following are the key similarities and differences between U.S. GAAP and
IFRS related to property, plant, and equipment.
Similarities
• The definition of property, plant, and equipment is essentially the same
under U.S. GAAP and IFRS.
• Under both U.S. GAAP and IFRS, changes in depreciation method and
changes in useful life are treated in the current and future periods. Prior
periods are not affected.
• The accounting for plant asset disposals is the same under U.S. GAAP and
IFRS.
11-61
Relevant Facts
Similarities
• The accounting for the initial costs to acquire natural resources is similar
under U.S. GAAP and IFRS.
• Under both U.S. GAAP and IFRS, interest costs incurred during
construction must be capitalized. Recently, IFRS converged to U.S. GAAP.
• The accounting for exchanges of non-monetary assets is essentially the
same between U.S. GAAP and IFRS. U.S. GAAP requires that gains on
exchanges of non-monetary assets be recognized if the exchange has
commercial substance. This is the same framework used in IFRS.
• U.S. GAAP and IFRS both view depreciation as allocation of cost over an
asset’s life. U.S. GAAP and IFRS permit the same depreciation methods
(straight-line, diminishing-balance, units-of-production).
11-62
Relevant Facts
Differences
• Under U.S. GAAP, component depreciation is permitted but is rarely used.
IFRS requires component depreciation.
• U.S. GAAP does not permit revaluations of property, plant, equipment, and
mineral resources. Under IFRS, companies can use either the historical
cost model or the revaluation model.
• In testing for impairments of long-lived assets, U.S. GAAP uses a different
model than IFRS. Under U.S. GAAP, as long as future undiscounted cash
flows exceed the carrying amount of the asset, no impairment is recorded.
The IFRS impairment test is stricter. However, unlike U.S. GAAP, reversals
of impairment losses are permitted under IFRS.
11-63
About The Numbers

As indicated, impairment testing under U.S. GAAP is a two-step process. The
graphic on page 520 summarizes impairment measurement under U.S. GAAP.
The key distinctions relative to IFRS relate to the use of a cash flow recovery
test to determine if an impairment test should be performed. Also, U.S. GAAP
does not permit reversal of impairment losses for assets held for use.
11-64
On the Horizon
With respect to revaluations, as part of the conceptual framework project, the
Boards will examine the measurement bases used in accounting. It is too early
to say whether a converged conceptual framework will recommend fair value
measurement (and revaluation accounting) for property, plant, and equipment.
However, this is likely to be one of the more contentious issues, given the long-
standing use of historical cost as a measurement basis in U.S. GAAP.
11-65
REVALUATION OF PROPERTY, PLANT, AND
APPENDIX 11A
EQUIPMENT
The general rules for revaluation accounting are as follows.

1. When a company revalues its long-lived tangible assets above
historical cost, it reports an unrealized gain that increases other
comprehensive income. Thus, the unrealized gain bypasses net
income, increases other comprehensive income, and increases
accumulated other comprehensive income.
2. If a company experiences a loss on impairment (decrease of
value below historical cost), the loss reduces income and
retained earnings. Thus, gains on revaluation increase equity
but not net income, whereas losses decrease income and
retained earnings (and therefore equity).
11-66 LO 9 Explain revaluation accounting procedures.

REVALUATION OF PROPERTY, PLANT, AND
APPENDIX 11A
EQUIPMENT
3. If a revaluation increase reverses a decrease that was

previously reported as an impairment loss, a company credits
the revaluation increase to income using the account Recovery
of Impairment Loss up to the amount of the prior loss. Any
additional valuation increase above historical cost increases
other comprehensive income and is credited to Unrealized Gain
on Revaluation.
4. If a revaluation decrease reverses an increase that was
reported as an unrealized gain, a company first reduces other
comprehensive income by eliminating the unrealized gain. Any
additional valuation decrease reduces net income and is
reported as a loss on impairment.
11-67 LO 9

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Financial Acc. Chap 2

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IMPAIRMENTS

On an annual basis, companies review the asset for

If impairment indicators are present, then an impairment test

Cruz makes the following entry to record the impairment loss.

Case 1: Hanoi records the impairment on its equipment at

VND3,000,000 Impairment Loss

Loss on Impairment 3,000,000

Equipment VND 26,000,000

Hanoi Company determines that the equipment’s total useful life

Depreciation Expense 5,500,000

Loss on Impairment 33,486

Illustration: Tan Company purchases equipment on January 1,

At December 31, 2015, Tan records an impairment loss of

Depreciation expense and related carrying amount after the

At the end of 2016, Tan determines that the recoverable amount of

Accumulated Depreciation—Equipment 6,000

Impairment of Assets to Be Disposed Of

► The general rules for revaluation accounting are as

1. When a company revalues its long-lived tangible

► The general rules for revaluation accounting are as

2. If a company experiences a loss on impairment

► The general rules for revaluation accounting are as

3. If a revaluation increase reverses a decrease that

► The general rules for revaluation accounting are as

4. If a revaluation decrease reverses an increase that

Unrealized Gain on Revaluation—Land increases other comprehensive

Depreciation Expense 100,000

Accumulated Depreciation—Equipment 100,000

Under no circumstances can the Accumulated Other Comprehensive Income

Illustration 1A-1 provides a summary of the revaluation

► The land is now reported at its fair value of €520,000.

► Revaluation–2016: Decrease below Historical Cost

Illustration 1A-2 provides a summary of the revaluation

► Revaluation–2017: Recovery of Impairment Loss

► Illustration 1A-3 provides a summary of the revaluation adjustments for 2017

► The recovery of the impairment loss of €20,000

► In this case, Unilever does not record a gain or loss

► The purpose of this transfer is to eliminate the

► After this entry, Nokia's equipment has a carrying

► Illustration 1A-4 provides a summary of the revaluation adjustments

► Following these revaluation adjustments, the carrying

► Revaluation–2016: Decrease below Historical Cost

► At this point, before revaluation in 2016, Nokia has the following

► Nokia determines through appraisal that the equipment now has a

► The entry to record this transaction is as follows.

► Illustration 1A-5 provides a summary of the revaluation adjustments

► Following the revaluation entry, the carrying amount of

► Revaluation–2017: Recovery of Impairment Loss

11-52 4. Records a Recovery of Loss on Impairment for €30,000.

► At this point, before revaluation in 2017, Nokia has the following

PROPERTY, PLANT, AND EQUIPMENT

About The Numbers

The general rules for revaluation accounting are as follows.

11-66 LO 9 Explain revaluation accounting procedures.

3. If a revaluation increase reverses a decrease that was

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