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Goodwill: New Private Company Standards (OnDemand Webinar)

Instructional MethodAdvanced PreparationProgram PrerequisitesField Of Study  On-Demand Webinar© NONE NONE Accounting & Auditing  Experience LevelCourse IDCPE CreditsAuthor Intermediate  SM-101.15 Accounting 1 / Auditing 1 Samuel Monastra, CPA Goodwill ...Read more
  • Description
Instructional Method Advanced Preparation Program Prerequisites Field Of Study
 On-Demand Webinar© NONE NONE Accounting & Auditing 
Experience Level Course ID CPE Credits Author
Intermediate  SM-101.15 Accounting 1 / Auditing 1 Samuel Monastra, CPA

Goodwill: New Private Company Standards 2015

Course Description:
On January 16, 2015, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2015-02, Intangibles- Goodwill and Other (Topic 350): Accounting for Goodwill. This ASU introduces an accounting alternative for private companies that simplifies and reduces the costs associated with the subsequent accounting for goodwill.
The effects of a private company electing the accounting alternative as its accounting policy for goodwill include:
• Amortizing goodwill over a period not to exceed 10 years instead of not amortizing it
• Choosing to test goodwill for impairment at either the entity level or the reporting unit level instead of having to test goodwill at the reporting unit level
• Testing goodwill for impairment only when there is a triggering event instead of testing it every year
• Testing and measuring goodwill for impairment by comparing the fair value of the entity (or reporting unit) to its carrying amount instead of performing a two-step goodwill impairment test that requires hypothetical business combination accounting for purposes of measuring an impairment loss The webinar will provide accountants with a thorough understanding of ASU 2015-02, including the definition of a public business entity, the disclosure rules, and the effect that this accounting standard update will have on the financial statements.

Who Should Attend:
CPAs

Topics Covered:
• Amortizing goodwill over a period not to exceed 10 years instead of not amortizing it.
• Choosing to test goodwill for impairment at either the entity level or the reporting unit level instead of having to test goodwill at the reporting unit level.
• Testing goodwill for impairment only when there is a triggering event instead of testing it every year.
• Testing and measuring goodwill for impairment by comparing the fair value of the entity (or reporting unit) to its carrying amount instead of performing a two-step goodwill impairment test that requires hypothetical business combination accounting for purposes of measuring an impairment loss.

Learning Objectives:
• Define a public business entity
• Clearly Define disclosure rules


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