The AICPA’s Financial Reporting Executive Committee (FinREC) has issued a working draft of the AICPA Accounting and Valuation Guide Testing Goodwill for Impairment.
The guide, developed by the AICPA Impairment Task Force, provides nonauthoritative guidance and illustrations for valuation specialists, preparers of financial statements, and independent auditors regarding goodwill impairment testing. While the guide includes some guidance from FASB ASU 2011-08, Testing Goodwill for Impairment (issued in September 2011), it does not provide significant task force commentary or task force-prepared example scenarios of the qualitative assessment framework provided therein.
The AICPA is seeking informal feedback on the guide and thoughts regarding the need for additional implementation guidance on FASB ASU 2011-08. The deadline for comments is March 15, 2012.
FinREC expects to soon issue a working draft of the revised AICPA Guide Assets Acquired to Be Used in Research and Development Activities. The guide will replace a practice aid originally issued in 2001.
