• Goodwill impairment test may be modified

    The IASB is continuing to discuss ways to improve the goodwill impairment test in IFRS. The board agreed to consider changing two requirements in its asset impairment guidance to simplify the test and provide information that is more useful to analysts and investors.
  • Staff document offers guidance on accounting implications of tax reform

    The FASB’s staff issued a question-and-answer document to offer guidance to four questions that have emerged about the accounting ramifications of the new tax law. The document covers accounting for the new base erosion anti-abuse tax (BEAT), the Global Intangible Low-Tax Income (GILTI), whether to discount the liability on the deemed repatriation of earnings and whether to discount alternative minimum tax credits that become refundable.
  • Update allows later adoption of revenue, leases standards for some businesses

    Businesses that meet the definition of a public business entity because their financial statements have to include, or be included, with the financial statements or financial information of other public companies can have more time to adopt the FASB's revenue recognition and lease accounting standards. The organizations can adopt the new standards at the same time as private companies, the FASB said in an update to U.S. GAAP.