A real-world incident inspired this instructional case involving a highly publicized cruise ship mishap that signaled a possible impairment loss. The case requires students to apply fair value standards relevant to nonfinancial assets and perform impairment testing using United States Generally Accepted Accounting Principles (U.S. GAAP) and/or International Financial Reporting Standards (IFRS) in the context of judgment-based estimates of future cash flows, emerging incentives, and pressures facing the divisional chief financial officer (CFO). In addition to asset impairment calculations, the complexities of this situation challenge students to evaluate ethical issues, develop alternatives, and recommend a course of action for the divisional CFO. Finally, the case requires students to explore corporate reputation risk and the accounting implications for reputation-damaging incidents. This case can fit in an international accounting, intermediate, or graduate-level financial accounting course.