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Rough Water Essay

317 words - 2 pages

Case 12-9: Rough Waters Ahead

1. How should Smooth Sailings’ management perform the recoverability test for the cruise ship as of December 31, 2010? a. What assets and liabilities should be included in the “asset group” as defined by ASC 360-10 for purpose of performing the recoverability test? i. FASB ASC paragraph 360-10-35-23 states that for measuring an impairment loss, long-lived assets should be group with other assets and liabilities at the lowest level ...view middle of the document...

ii. As a result, I’ve decided to include the cruise ship in the asset group, because it’s an asset that we’re performing the recoverability test for. I also decided to include net working capital of $0.1 million, because net working capital is often included in asset groups. However, I did not include the nonrecourse debt of $4.0 million because its cash flows are too debt on the asset itself. Furthermore, FASB ASC paragraph 360-10-35-27 states that long-term debt should be adjusted before testing the asset for recoverability. Total = $4.7 mm

b. How should the multiple operating scenarios impact the recoverability test? iii. FASB ASC 360-10-35-30 states that when multiple courses of action are considered to recover the carrying amount of a long-lived asset (asset group), then the likelihood of each of these situations should be considered, and a probability-weighted approach should be useful. It is important to consider the different scenarios that an entity would choose because it can impact estimates of future cash flows (FASB ASC Paragraph 360-10-55-27).

c. What impact should the potential foreclosure and extinguishment of debt have on the cash flows used to perform the recoverability test? iv. It greatly reduces the total undiscounted cash flows that the company expects...

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