FASB has just released an analysis of the comments on the exposure draft. While many respondents agreed with the basic proposal that goodwill is a non-wasting asset, most respondents disagreed with the details of the goodwill-impairment model. A sizeable group of respondents, primarily auditors and accounting academicians, disagreed with the basic model. A principal concern expressed by this group is that "an impairment-only accounting method for goodwill moves U.S. GAAP further from international harmonization". Business Combinations is one of the IASC projects handed over to the new IASB.

On the agenda:

Business Combinations - preliminary discussions Extractive Industries - presentation and discussion IAS 39 Implementation Guidance - discussion Improvements Project - preliminary discussion Interpretations - discussion Preface to the Standards - preliminary discussion Reporting on the Internet - presentation and discussion Style of new Standards - discussion Technical Agenda - further discussion of administrative items On 24 May IASB will meet, in a public session, with the chairs of those national accounting standards-setting bodies that have a formal liaison relationship with IASB. They are Australia/New Zealand, Canada, France, Germany, Japan, UK, and US. The meeting will focus on coordinating agendas and setting out convergence goals.