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Goodwill is no longer amortized under U.S. GAAP (FAS 142). [8] FAS 142 was issued in June 2001. Companies objected to the removal of the option to use pooling-of-interests, so amortization was removed by Financial Accounting Standards Board as a concession. As of 2005-01-01, it is also forbidden under International Financial Reporting Standards.
The difference between the $24B and $30B is $6B in goodwill acquired through the transaction—the excess of the purchase price paid over the FV of the net identifiable assets acquired. Finally, the acquirer adds both the value of the written-up assets ($24B) as well as the goodwill ($6B) onto the balance sheet, for a total of $30B in new net ...
Methodologies for allocating amortization to each accounting period are generally the same as those for depreciation. However, many intangible assets such as goodwill or certain brands may be deemed to have an indefinite useful life and are therefore not subject to amortization (although goodwill is subjected to an impairment test every year).
142: Goodwill and Other Intangible Assets: June 2001: 143: Accounting for Asset Retirement Obligations: June 2001: 144: Accounting for the Impairment or Disposal of Long-Lived Assets: August 2001: 145: Rescission of FASB Statements No. 4, 44, and 64, Amendment of FASB Statement No. 13, and Technical Corrections: April 2002: 146
The remains of a World War II airman were identified 80 years after his plane was shot down during a bombing mission in Germany, military officials said this week. In the spring of 1944, U.S. Army ...
Superseded by FAS 142 1968: Accounting for the cost of pension plans: Unofficial Accounting Interpretations of APB Opinion No. 8, Interpretations 1-28: AIN-APB8: Superseded by FAS 111 1969-1972 March: Accounting for income taxes: Accounting Interpretations of APB Opinion No. 11, Interpretations 2-25: AIN-APB11: Superseded by FAS 96 and 109 1971 ...
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The IASB and FASB made joint efforts to devise a common impairment model, but the FASB eventually decided to propose an alternative scheme in January 2011. [5] The IASB issued a new exposure draft in January 2013, [5] which later led to the adoption of IFRS 9 in July 2014, [6] effective for annual periods beginning on or after January 1, 2018. [7]