FASB removes project on subsequent accounting for goodwill from technical agenda

In October 2018, the FASB added to its technical agenda broad project to revisit the subsequent accounting for goodwill and the accounting for certain identifiable intangible assets. On July 9, 2019, the staff issued an Invitation to Comment, Identifiable Intangible Assets and Subsequent Accounting for Goodwill, to obtain formal input from stakeholders focusing on public business entities on the subsequent accounting for goodwill, the accounting for certain identifiable intangible assets, and the scope of the project on those topics. In December 2020, FASB tentatively decided to reintroduce amortisation of goodwill. In subsequent meetings, there were further deliberations on methodology for goodwill amortisation and impairment.

However, in the meeting on 15 June 2022, FASB has tentatively decided to remove this project from its technical agenda.

The tentative board decision and project update may be accessed here.