Question - Find a U.S. public company that applied the accounting requirements pertaining to impairment loss during the last fiscal year.
a. Describe the underlying transaction(s) or event(s) that gave rise to application of the selected accounting requirements.
b. How did the application of the accounting requirement affect the company's balance sheet and income statement?
c. What information does the required accounting treatment communicate to the company's investors and creditors? Is there any additional information that investors might want to know about the underlying transaction(s) or event(s) that is not provided (i.e., what are the limitations of the required accounting treatment)?
d. What are the implications, if any, of the underlying transaction(s)or event(s)for the future financial statements of the company?