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Heads Up — FASB Provides Private Companies and Not-for-Profit Entities With an Accounting Alternative for Evaluating Goodwill Impairment Triggering Events

Published on: 08 Apr 2021

This Heads Up discusses the FASB’s recently issued Accounting Standards Update (ASU) No. 2021-03, Accounting Alternative for Evaluating Triggering Events, which gives private companies and not-for-profit entities (NFPs) an accounting alternative for performing the goodwill impairment triggering event evaluation under ASC 350-20. Under the ASU, the evaluation and any resulting goodwill impairment test may be performed as of the end of the entity’s interim or annual reporting period, as applicable.

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