loss on impairment is a(n): multiple choice reduction to depreciation expense for the year. operating expense that appears on the income statement. operating expense that appears on the balance sheet. contra-revenue account.

When the book value of an asset exceeds the amount that can be recovered, an impairment cost must be reported as an expense. Asset impairment is the loss of an asset's value, strength, or other attributes. These assets are the most likely to experience impairment, which can be brought on by a variety of factors. Fixed assets, also referred to as PPE, are long-lived assets like buildings, land, machinery, and equipment. IAS 16 by the International Accounting Standards Board (IASB), which went into effect in 1983, was the first standard to address asset impairment. In November 2009, the IASB released an exposure draft that proposed an impairment model based on expected losses in response to the 2008 financial crisis's exposure of flaws in the IAS 36 framework.

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