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GAAP Alternatives on Accounting for Goodwill and Other Intangible Assets: The Latest With Fair Value Measurements

OnDemand Webinar (96 minutes)

Are your clients eligible to adopt the goodwill accounting alternative? Can you fully communicate the pros and cons?The Financial Accounting Standards Board (FASB) recently endorsed Private Company Council (PCC) proposals for alternative accounting of goodwill by private companies. The PCC has also proposed alternative accounting for identified intangible assets in business combinations by private companies. If elected, the alternative accounting for private companies have material differences from current accounting under generally accepted accounting principles (GAAP). These alternatives may have implications for public companies as well. However, the elections may also have unintended consequences in the financial reporting of private companies. This topic will discuss the latest with these proposals.

Authors

Mark L. Zyla, CPA/ABV, CFA, ASA, Acuitas Inc

Agenda

Overview

• The FASB Endorsed Proposals From the Private Company Council (PCC) Designed to Reduce the Cost and Complexity of Accounting for Goodwill and Testing for Impairment of Goodwill for Certain Private Companies (ASU 2014-02)

• Additionally the PCC Introduced Alternative Accounting for the Acquired Intangible Assets of Certain Private Companies, If Elected. (ASU 2014-18)

• Clarifying the Definition of a Business (ASU 2017-01)

• Also, Recently the FASB Simplified the Measurement of Goodwill Impairment for Publicly Traded Companies (ASU 2017-04)

New PCAOB Proposals on Auditing Estimates and Using Specialists

• Auditing Accounting Estimates Include Fair Value Measurements

- Devote Greater Attention to Potential Management Biases

- Focus on the Use of Professional Skepticism With Estimates

• The Auditors' Use of the Work of Specialists

- Understanding the Specialists Work Product

- Assessing the Specialist's Qualifications

- Testing the Work of a Specialist

New Valuation Credential and Updated Valuation Standards

• Certified in Entity and Intangible Valuation (CEIV) and "the Public Trust"

• Mandatory Performance Framework - It Helps With the Audit Process

• International Valuation Standards and Fair Value

Additional Formats

Audio & Reference ManualMore Info
MP3 DownloadMore Info