Initial Post

In this discussion board, we will discuss the critical area of asset impairment, concentrating on Property, Plant, and Equipment $($PP&E$)$ assets alongside Goodwill. Asset impairment is a significant event that reflects a decline in the future utility of an asset, affecting both its reporting value on the balance sheet and the financial health of the entity.

For your initial post, thoroughly examine the scenarios leading to the impairment of PP&E assets and Goodwill. Your discussion should unfold the factors that trigger such impairments, reflecting on how these reductions in value impact financial reporting and organizational strategy. Support your responses with a reference from the ASC $($Accounting Standard Codification$).$