Fixed Assets - EBS (MOSC)

MOSC Banner

FA asset impairments treatment as per USGAAP

edited Jul 24, 2014 10:49AM in Fixed Assets - EBS (MOSC) 2 commentsAnswered ✓

i would like to know how other companies are treating FA impairments in R12 and whether it meets USGAAP requirements and auditors requirements?

Our requirement is that when the impairments are done, the new impaired value must be the new cost and the new NBV

eg

Pre impairments                                   Post Impairment         

Cost               100000                              30000

Accum Dep       20000                                 -

NBV                 80000                             30000

Impairment amount   50000

Accounting entry after impairments

Dr Impairment Exp    50000

Dr Acc Dep               20000

Cr Asset Cost                         70000

So as seen from this example, the asset after impairments has a new cost with no depreciation reserve. How are other companies maintaining their impairments in FA?

Howdy, Stranger!

Log In

To view full details, sign in to My Oracle Support Community.

Register

Don't have a My Oracle Support Community account? Click here to get started.

Category Leaderboard

Top contributors this month

EBS Fixed Assets Tags

Instructions for posting

×

1. Select a discussion category from the picklist.


2. Enter a title that clearly identifies the subject of your question.


3. In the body, insert detailed information, including Oracle product and version.


Please abide by the Oracle Community guidelines and refrain from posting any customer or personally identifiable information (PI/CI).


Cloud / Fusion customers - Our Cloud community has moved! Please go to Cloud Customer Connect .


New to My Oracle Support Community? Visit our Welcome Center

MOSC Help Center