Regulators give biz a break with goodwill accounting

March 12, 2015

There is good news for private companies seeking to acquire another firm:  new rules adopted by the Financial Accounting Standards Board or FASB, which sets accounting standards in the US, no longer mandate the goodwill impairment test, an annual calculation related to acquisitions.  Keith Peterka, a partner in the Professional Practice Group at Marks Paneth LLP, was interviewed for and quoted in an article which ran in Long Island Business News and also picked up in The Daily RecordThe article looks at this “costly accounting ritual” and reviews FASB’s Private Company Council which was created to ease requirements on private firms.

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