More Changes to the Impairment Test Coming?

On May 12, 2016, the FASB issued a proposed Accounting Standards Update (Update) that would remove Step 2 from the goodwill impairment test. The Update, if adopted, would be applicable to public entities and not-for-profit entities and would be very similar to the accounting alternative for private companies, which was promulgated by the Private Company Council (PCC) and endorsed by the FASB in late 2013.

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