New Mexico Administrative Code
Title 2 - PUBLIC FINANCE
Chapter 20 - ACCOUNTING BY GOVERNMENTAL ENTITIES
Part 1 - ACCOUNTING AND CONTROL OF FIXED ASSETS OF STATE GOVERNMENT, ACCOUNTING FOR ACQUISITIONS AND ESTABLISHING CONTROLS
Section 2.20.1.17 - IMPAIRMENT
Universal Citation: 2 NM Admin Code 2.20.1.17
Current through Register Vol. 35, No. 18, September 24, 2024
A. An asset is considered impaired if its estimated life has been reduced, or its ability to generate revenue has been reduced.
B. On finding that an asset has been impaired, the accounts for the fund or group to which the asset belongs should be posted with the appropriate entries to adjust its value to the new estimate.
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