All Goodwill articles
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ArticleCAQ review: Little surprises in Year 1 of CAM reporting
The Center for Audit Quality released its review of the first year of auditor reports for over 2,000 large accelerated filers that included the PCAOB’s new critical audit matters requirements.
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ArticleFASB Chair Jones projects pandemic challenges to persist in 2021
New FASB Chairman Richard Jones said in a recent speech that he believes accounting challenges from the coronavirus pandemic won’t go away soon, with his organization poised to address new issues as they arise.
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ArticlePCAOB CAMs report: Goodwill, revenue recognition lead way
Goodwill and other intangible assets and revenue recognition are among the most frequently communicated critical audit matters, according to the Public Company Accounting Oversight Board’s first report on the new disclosure.
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ArticleFASB seeks comment on how to sort out goodwill issues
FASB is looking for input on how to address ongoing problems in the reporting of certain intangible assets, especially goodwill.
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BlogKraft Heinz discloses probe, takes $15.4B impairment charge
Following a string of accounting and reporting problems, Kraft Heinz Co. disclosed it is under investigation by the SEC and reported a $15.4 billion impairment charge.
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Goodwill impairments are on the rise, latest study says
Goodwill impairments are rising on corporate balance sheets, according to the latest analysis from advisory firm Duff & Phelps, suggesting impairment will be a source of heartburn in year-end reporting.
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GE audit committee considers replacing KPMG as auditor
GE’s audit committee has initiated a tender process to consider replacing KPMG as its external auditor.
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Former Autonomy execs face fraud charges in HP deal
A federal grand jury has delivered indictments against former Autonomy executives in connection with HP’s failed acquisition of the U.K. technology business.
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Rite Aid shareholders vote against Deloitte as auditor
A sizable chunk of Rite Aid’s shareholders has told the board it would like to dismiss Deloitte and hire a new audit firm.
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ArticleTax rules, market changes may stretch goodwill testing
Big changes in market conditions and tax rules could drive some added rigor into the annual year-end test of goodwill sitting on corporate balance sheets.
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BlogSEC expands probe at GE after $22B impairment charge
The SEC has expanded its investigation into accounting issues at GE and is now looking into a $22 billion impairment charge, the company reported.
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Big changes in store for goodwill testing, report says
Big changes in tax and accounting rules should produce big changes in goodwill impairment testing this year, according to a new report from Mercer.
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FASB seeks preparer input on segment reporting ideas
To help figure out what to do to improve segment reporting, FASB is looking for public companies to participate in a study.
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Early adoption options could ease some accounting strife
Despite the enormity of accounting change occurring at public companies, some might spare themselves some grief by adopting certain rules before they are mandatory.
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Migration to simpler goodwill test will be slow, data says
FASB may have given companies a simpler way to determine whether goodwill must be marked down, but not all public companies are rushing to adopt it.
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Natural disasters raise accounting, reporting implications
Companies affected by recent natural disasters may need to consider the effects on their accounting, financial reporting, and tax compliance.
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FASB kills burdensome goodwill impairment test
FASB has finalized its action to eliminate “step two” from goodwill impairment testing, relieving public companies of the costly, complex fair-value exercise. More from Tammy Whitehouse.
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FASB drops ‘step two’ of goodwill impairment testing
With simplicity wining over precision, FASB has decided it will do away with the onerous second step of the goodwill impairment test. Tammy Whitehouse reports.
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FASB proposes easier way to measure goodwill impairment
FASB is proposing a new, simpler way to measure any reduction in the value of goodwill that companies should recognize on the balance sheet. Under the proposal, companies would perform their annual or interim goodwill impairment testing as they do under current guidance. Tammy Whitehouse has more.
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Experts advise companies to brace for goodwill impairment scrutiny
Image: Calcbench, with their research tool powered by XBRL-gathered financial statement data, identified a number of companies posting quarterly goodwill impairments in the range of $250 million for five consecutive quarters, including Yahoo’s massive $4.46 billion impairment charge. “The total number … is trending up, from the mid-teens last year ...