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Part 4 - sheet According to FASB’s Statement No 144 when...

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Part 4: How the impairment of the patent in the event of losing the lawsuit will be reflected on  the financial statements In the event that you lose the lawsuit,   the impairment of the patent must be recorded in  the financial statements. You will need to report the impairment loss on the income statement in  the period that the loss occurs. Losses on impairments will be reported on the income statement  before the subtotal for income for continuing operations.  The impairment loss would also be a  separate line item.  The total of the asset must also be as a separate line item on the balance 
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Unformatted text preview: sheet. According to FASB’s Statement No. 144, when impairment is recognized, it has to be disclosed in the notes on the financial statements. The disclosure needs to indicate a description of the asset and the circumstances that led to the impairment. . Reference http://asc.fasb.org/ http://www.fasb.org/summary/stsum142.shtml Schroeder, R.G., Clark, M.W., & Cathey, J.M. (2005). Financial Accounting Theory and Analysis (8th Ed.). : John Wiley & Sons, Inc...
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Part 4 - sheet According to FASB’s Statement No 144 when...

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