Principles of accounting and financial reporting under US GAAP & IFRS
FASB's new model could result in less precise goodwill impairments
The accounting for business combinations (ASC 805), discontinued operations, divestitures, and related topics such as impairments, intangibles, and segment reporting continue to pose many challenges and remains on the SEC's radar screen.
Wish you didn’t have to face another annual goodwill impairment test? Does amortizing goodwill or using a trigger-based assessment sound better? The FASB is soliciting feedback on these ideas and more in their recent invitation to comment on identifiable intangible assets and the subsequent accounting for goodwill.
Listen to our 16-minute podcast to learn more about the new definition of a business and the impacts - both direct and indirect - on various areas of accounting.