FINANCIAL REPORTING-ACCOUNTING FOR GOODWILL
The Financial Accounting Standards Board (FASB) has recently issued ASU 2014-02, which applies to all entities except public companies, nonprofits and employee benefit plans.
The ASU allows for an accounting alternative for goodwill, under which the entity may elect to amortize goodwill over a ten year (or lesser, in certain instances) period. An electing entity will need to continue evaluating goodwill for impairment.
Effective Date: Annual reporting periods beginning after December 15, 2014 with early application permitted.
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