Financial Services

The COVID-19 pandemic, unprecedented quarter-to-quarter market volatility, and economic uncertainty highlighted the cost and complexity of complying with existing goodwill impairment guidance. Under current generally accepted accounting principles, entities must monitor for and evaluate interim goodwill triggering events as they occur throughout the year. This article provides details on Accounting Standards Update 2021-03, which FASB issued on March 30, 2021, to provide limited relief. 

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