1. Prepare a memorandum of the accounting requirements for the impairment of long-term assets under the US GAAP and IFRS including a comparison of the two methods. Youmustinclude citations from the Accounting Standards Codification (ASC) and the International Accounting Standards (IAS) in your memo. Treat your memo as a formal memo addressed to the Chief Financial Officer (CFO) which will also be reviewed by the company's auditors.