By Floyd A. Beams
An in-depth consultant to accounting that displays the main up to date company developments.This accomplished textbook addresses useful monetary reporting difficulties whereas reflecting fresh enterprise advancements and adjustments in accounting standards.This variation has been rewritten to align with the monetary Accounting criteria Board Accounting criteria Codification.
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Additional resources for Advanced Accounting, 11th Edition
Under current GAAP, firms record goodwill but do not amortize it. Instead, GAAP requires that firms periodically assess goodwill for impairment in its value. An impairment occurs when the recorded value of goodwill is greater than its fair value. We calculate the fair value of goodwill in a manner similar to the original calculation at the date of the acquisition. Should such impairment occur, firms will write down goodwill to a new estimated amount and will record an offsetting loss in calculating net income for the period.
Firms should again make this comparison at the business reporting unit level. If the carrying amount exceeds the implied fair value of the goodwill, the firm must recognize an impairment loss for the difference. The loss amount cannot exceed the carrying amount of the goodwill. Firms cannot reverse previously-recognized impairment losses. Firms should determine the implied fair value of goodwill in the same manner used to originally record the goodwill at the business combination date. Firms allocate the fair value of the reporting unit to all identifiable assets and liabilities as if they purchased the unit on the measurement date.
All combinations initiated after December 15, 2008, must be accounted for as acquisitions. Acquisition accounting requires the recording of assets acquired and liabilities assumed at their fair values at the date of the combination. The illustrations in this chapter are for business combinations in which there is only one surviving entity. Later chapters cover accounting for parent–subsidiary operations in which more than one of the combining companies continue to exist as separate legal entities.