Having more time, Peloton said, would assist in evaluating the internal controls over financial reporting on these developments and for its accountant, Ernst & Young LLP, to complete an audit.

Under U.S. accounting rules, companies are required to test long-term assets such as factories and equipment for impairment whenever there is a so-called triggering event. Issues such as share-price declines, fluctuations in foreign-exchange rates or, in the case of Peloton, major changes in operations or strategy, can result in or contribute to a triggering event.

In that case, companies need to analyze whether it is more likely than not that the fair value of the affected assets is less than the amount recorded on the books. If that is the case, they are required to perform an impairment test, which could reduce the value on the books. These rules differ from those for goodwill and other intangible assets with an unlimited life—such as trademarks and brands—which force companies to test for impairment at least once a year.

Measuring impairment charges requires companies to make complex judgments about potential write-downs, though they only occasionally prompt a delay in their filing of quarterly or annual financial reports, said

Jeffrey Johanns,

an associate professor of accounting at the University of Texas at Austin.

“It’s not a surprise issue,” Mr. Johanns said, speaking generally. “If a company knows they’re going to exit a certain type of their operations, then they know that there are accounting implications.” Peloton’s exact circumstances are unclear, but the company might have been under time pressure to obtain data to determine the fair value of its warehouses, shortly after having decided to eliminate some of them, Mr. Johanns said.

The company reported a loss of more than $1.2 billion in the most recent quarter, as fitness-equipment sales plunged and costs connected with its turnaround effort surged. It recorded a loss of $2.8 billion in the year ended June 30.

The company also changed its chief executive and chief financial officer earlier this year.

Barry McCarthy

succeeded Peloton co-founder

John Foley

as CEO in February and

Liz Coddington

stepped in as CFO in June after

Jill Woodworth

exited the role.

U.S.-listed companies most commonly delay filings because of issues related to debt and equity securities and unanticipated natural events, such as weather or illness, according to a review of filings from 2017 to Aug. 30 by research firm Audit Analytics. Among accounting-related reasons for a filing delay in that period, asset impairments were the fourth most common, behind securities, mergers and acquisitions, and revenue recognition, data show.

Late filings totaled 2,112 this year through Aug. 30, up from 2,007 in the prior-year period, Audit Analytics said.

Write to Sharon Terlep at sharon.terlep@wsj.com and Mark Maurer at Mark.Maurer@wsj.com