FASB Adds Project to Its Agenda on Interim Goodwill Impairment Testing for Private Companies and Not-for-Profit Entities

At its November 18, 2020, meeting, the FASB decided to add a project to its technical agenda on interim goodwill impairment testing for private companies and not-for-profit entities. The project will introduce an “accounting alternative that would allow entities within the scope of the guidance to perform a goodwill triggering event evaluation on the annual reporting date only.” In addition, the FASB discussed the transition and effective date related to the project and directed its staff to draft a proposed Accounting Standards Update for a vote by written ballot.