are Goodwill Impairment Changes an Improvement? FASB Codification Topic #350 FASB Proposes Amendments to Simplify Goodwill Impairment Accounting by: Deloitte CFO Journal Editor; June 17, 2016 Reviewed By: Linda Christiansen, Indiana University Southeast http://deloitte.wsj.com/cfo/2016/06/17/fasb-proposes-amendments-to-simplify-goodwill- impairment-accounting/?mod=djem_jiewr_AC_domainid Summary: The FASB proposed a change to goodwill accounting that would remove step 2 impairment testing aimed at measuring the implied fair value of goodwill. The proposed ASU, which is intended to simplify the accounting for goodwill impairment, would instead require an entity to "recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value. However, that amount should not exceed the carrying amount of goodwill allocated to that reporting unit."

Question ?

Discuss how IFRS rules are similar to or differ from GAAP accounting for goodwill impairment.

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