This article examines the concept of asset impairment within joint ventures (JVs), a common business arrangement where two or more parties collaborate in managing and operating a business entity. Asset impairment is a significant concern for financial reporting and can severely impact the financial statements of a joint venture. The paper explores the recognition, measurement, and reporting of impaired assets, offering insights into the challenges and complexities involved. Additionally, the article outlines the key methods for determining impairment, the financial consequences for joint ventures, and how such impairments affect stakeholders. Through an extensive literature review and qualitative analysis, the study seeks to highlight best practices and provide recommendations for managing asset impairment within JVs.