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January 2012 » The Continuing Evolution of Accounting...
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David A. Rees, PhD, CPA, and Troy D. Janes, PhD, CPA
Two recent pronouncements by FASB—Accounting Standards Update (ASU) 2010-28 and 2011-08—have altered the accounting for goodwill subsequent to its initial measurement. Conceptually, goodwill is defined as the current value of expected future income in excess of a normal return on the net tangible assets (See Kohler's Dictionary for Accountants, 6th ed., Prentice Hall, 1983). Accordingly, the intangible assets that are collectively called goodwill may be generated either internally—through methods such as superior management or a successful advertising campaign, for example—or externally, through a business combination.
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