Bar Bulletin

Bar Bulletin

Into the GAAP FASB Simplifies Goodwill Testing … Again

By Thomson Reuters

In January, the Financial Accounting Standards Board (FASB) issued additional revised guidance for goodwill impairment testing that’s intended to make the process easier and less costly. The latest amendments, found in Accounting Standards Update (ASU) No. 2017-04, “Intangibles — Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment,” establish a one-step process for testing goodwill for a decrease in value.

Testing Goodwill for Impairment

The term “goodwill” refers to the residual asset recognized in a business combination, such as a merger, after recognizing all other identifiable assets acquired and liabilities assumed. This premium is considered an intangible asset that generally includes the reputation...

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