At its July 15, 2020, meeting, the FASB provided an update on postimplementation
reviews and discussed its projects on (1) identifiable intangible assets and
subsequent accounting for goodwill and (2) segment reporting.
Identifiable Intangible Assets and Subsequent Accounting for Goodwill
The FASB discussed feedback on its invitation to comment,
Identifiable Intangible Assets and Subsequent Accounting for
Goodwill, regarding the direction of the project and plans to explore (1)
“adding amortization to the goodwill impairment model, including the
amortization method and period”; (2) “other changes to the goodwill impairment
model”; (3) “accounting for identifiable intangible assets; and (4)
“presentation, disclosure, and transition.”
The FASB discussed feedback from investor outreach, the direction of the project,
and the potential for a principles-based disclosure requirement.
Postimplementation Review Updates
The FASB staff provided an update on postimplementation reviews for its standards
on revenue, leases, and current expected credit losses.
For more information about all of the discussions held at the meeting, see the
tentative Board decisions on the FASB’s Web site.