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September 2018 » The New Guidance for Goodwill Impairment
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Josef Rashty, CPA
In January 2017, FASB issued Accounting Standards Update (ASU) 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, which eliminated the calculation of implied goodwill fair value. Instead, companies will record an impairment charge based on the excess of a reporting unit's carrying amount of goodwill over its fair value. This guidance simplifies the accounting as compared to prior GAAP. This article provides an overview of the goodwill impairment assessment under the new guidance and some specific income tax considerations regarding the financial implications of goodwill impairment.
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