Impairment testing ensures a company’s balance sheet accurately reflects an asset’s worth and should be performed annually (at minimum), or when there is a triggering event, such as a loss of a key customer, industry disruption, or other market factors that can impact value. The impairment test compares the asset’s expected cash flow with its book value. If the book value exceeds the benefit being provided by the asset, the difference is written off, thus reducing the asset’s impact on the balance sheet. Great American’s impairment testing process integrates cost, market, and income approaches to value, as well as historical and projected financial statements, comparable transactions, and market rates of return.
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