At least one of the Financial Accounting Standards Board’s simplification initiatives is proving to be so popular that some companies want to adopt it as of yesterday.
It involves eliminating an extra step for goodwill impairment tests. Late last month, FASB released a new standard to simplify the goodwill impairment test, allowing many companies that don’t already apply the private company accounting alternative for goodwill to skip the extra step (see FASB updates goodwill impairment standard).
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