GAAP now requires that impairment losses be recognized when they occur to reflect the fair value of productive assets.
Required:
Discuss three of the concerns that some accountants have about this practice.

First, valuing the asset at its fair value when no exchange transaction has occurred is a departure from the transaction-based historical cost model.Second, the expected cash flows for a specific asset may not be an accurate measure of the asset's fair value.And, finally, the test for impairment may differ for identical assets because of the depreciation method selected by each company.