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Describe the impact of asset impairment of property, plants, and equipment or goodwill to financial statements for entities across three different industries

Accounting

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1. Describe the impact of asset impairment of property, plants, and equipment or goodwill to financial statements for entities across three different industries. Discuss similarities and differences and why these occur. In replies to peers, discuss whether you agree or disagree with your peers’ assessment and why.

2. Identify three different industries and explain the revenue recognition practices that would be applied to entities within each industry. Discuss similarities and differences among the industries and why they exist. In replies to peers, provide additional practices that could be applied to the listed industries or examples of other industries that might have the same practices.