Overview
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Characteristics of Goodwill
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Identifying Reporting Units
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Impairment Testing Requirements
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Use of the Qualitative Assessment Option
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Qualitative Assessment Option Factors
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Amortization Considerations for Goodwill
Course Description
Companies with recorded goodwill in their financial statements are required to conduct annual goodwill impairment testing. Without a sound knowledge of the mechanics to assess under the accounting literature, and acceptable to auditors, the resulting process becomes a time-consuming, frustrating and stressful exercise.
This hands-on, problem-solving CPE webinar will enable you to view impairment assessment through the eyes of the auditor to ensure your company prepares acceptable levels of documentation and reaches the appropriate conclusions.
This CPE course provides an overview of goodwill impairment testing. The accounting and reporting requirements related to goodwill are prescribed by the Financial Accounting Standards Board (FASB) in ASC Topic 350-20. It focuses on topics such as the initial recognition of goodwill and subsequent measurement requirements including the accounting alternative allowed for certain eligible entities. This course also addresses the disclosure requirements for goodwill and is current through the issuance of ASU 2019-06.
This Online CPE webinar on Accounting helps attendees in understanding the recently enhanced to simplify goodwill impairment testing for all entities, both public and nonpublic. It will provide an overview of these recent enhancements and the impact on financial statements, Also provide accounting and valuation guidance for impairment testing of goodwill. Specifically, it focuses on practice issues related to the qualitative assessment and the first step of the two-step test that requires hypothetical business combination accounting for purposes of measuring an impairment loss.
Kelen Camehl, author in this CPE webinar, will provide accountants with a thorough standing 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.
This CPE accounting webinar is helpful for auditors, accountants, and valuation specialists seeking an advanced understanding of the accounting, valuation, and disclosures related to goodwill impairment testing (including the qualitative assessment). It is also a vital resource for preparers of financial statements of public and private companies that follow FASB guidance on goodwill.
Learning Objectives
- To identify the recognition requirements related to goodwill.
- To analyze the FASB in ASC Topic 350-20.
- To recognize overall characteristics of goodwill impairment testing.
- To recognize the difference between the qualitative and quantitative test of goodwill impairment.
- To identify key characteristics of the accounting alternative for goodwill.
- To recall the key disclosure requirements for goodwill and goodwill impairment losses.