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Scope of this reference
Inspect the standard and the scope used in the teaching material. The verification date describes the stored review.
- Authority
- Financial Accounting Standards Board
- Standard
- ASC Topic 360
- Version
- Codification content as verified 2026-08-06
- Where it applies
- United States GAAP
- Entities covered
- Entities applying US GAAP; limited here to a held-and-used long-lived asset group within Topic 360 and excluding goodwill
- Last source check recorded
- Aug 6, 2026
- Status recorded at review
- current
- Effective from
- Not specified in this record
Inspect the source: FASB Accounting Standards Codification Topic 360, Property, Plant, and Equipment
Check the applicable effective dates and later amendments in the source before applying this reference.
Scope used here
The fictional production cell is classified as held and used, is the identified asset group at the lowest supported cash-flow level, contains no goodwill, and has an impairment indicator. Carrying amount, the applicable undiscounted cash-flow amount, and supported fair value are supplied; students do not perform a valuation engagement.
Two-stage sequence
The recoverability screen compares carrying amount with the applicable undiscounted cash-flow measure. A failed screen unlocks measurement of a loss as carrying amount less fair value. Passing the screen does not produce a Topic 360 loss merely because fair value is below carrying amount. The two comparisons therefore answer different questions and must not be collapsed.
Limitations
This record does not address indicator identification in full, cash-flow estimation methods, fair-value techniques, goodwill allocation, held-for-sale measurement, abandonment, restoration of a prior write-down, tax effects, or disclosures. Those are separate dependency branches requiring their own current authority review.