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FASB kills burdensome goodwill impairment test

Tammy Whitehouse | January 27, 2017

The dreaded “step two” of the goodwill impairment test is dead. The Financial Accounting Standards Board issued a final update to accounting standards eliminating the requirement for companies to complete the grueling fair value exercise when there’s evidence that goodwill on the balance sheet might need a haircut.

Goodwill is an intangible asset on the balance sheet that arises when one company buys another and integrates it to financial statements. After the individual assets and liabilities of the acquired...

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