FASB has issued a proposal to adjust the timing for when private entities and nonprofits would be required to identify triggering events for goodwill impairment. After initially identified by the AICPA’s Technical Issues Committee (TIC), it was determined that the cost and complexity associated with an interim consideration for an annual reporting outweighed the benefit. Comments are due Jan. 20.
FASB: “Proposed Accounting Standards Update—Intangibles—Goodwill and Other (Topic 350): Accounting Alternative for Evaluating Triggering Events”: https://fasb.org/cs/ContentServer?c=Document_C&cid=1176175820990&d=&pagename=FASB%2FDocument_C%2FDocumentPage
- What questions do you have? Send your questions to melisa@galassolearningsolutions.com
- Tune in to the Galasso Learning Solutions SCACPA YouTube playlist here
- You can also click and subscribe to the SCACPA YouTube channel here
SCACPA is excited to partner with Galasso Learning Solutions and the Genuine Learning Blog for real-time A&A updates and answers for SCACPA members. Melisa is a speaker on audit topics at SCACPA’s annual Fall Fest and Spring Splash conferences. She also takes part in many SCACPA seminars and rebroadcasts.
With over 15 years of experience in the accounting profession, Melisa Galasso designs and facilitates courses in advanced technical accounting and auditing topics, including not-for-profit and governmental accounting. She closely monitors regulatory bodies for changes in auditing and accounting guidance and serves as a subject matter expert in implementing the updated guidance.
