KPMG reports on FASB’s ASU 2017-04 related to ASC 350. FASB ASU eliminates Step 2 of the goodwill impairment test and replaces the qualitative assessment.
Mandatory effective dates and early adoption provisions:
Prospectively for annual and interim periods in fiscal years beginning after
Dec. 15, 2019
Dec. 15, 2020
Dec. 15, 2021
Early adoption allowed? Yes, for goodwill impairment tests with measurement dates after January 1, 2017
Defining issues: Important clarification about the effective date for goodwill impairment simplification
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