EFRAG, the Italian Standard Setter (OIC) and the ASBJ, have published a feedback statement that summarises the responses received on the Discussion Paper “Should Goodwill Still Not Be Amortised? – Accounting and Disclosure for Goodwill”
4 February 2015
EFRAG, OIC and the ASBJ jointly published a feedback statement summarising comments received for the Discussion Paper “Should Goodwill Still Not Be Amortised? – Accounting and Disclosure for Goodwill”
EFRAG, OIC and the ASBJ published in July 2014 the Discussion Paper to stimulate and progress the debate on accounting and disclosure requirements of acquired goodwill before the IASB formally considers a standard-setting initiative. To explore possible approaches on this important subject, members of the board member and staff from the ASBJ, EFRAG and the OIC formed a Research Group. As a result of its analysis, the Research Group concluded that reintroduction of amortisation of goodwill would be appropriate.
In response to Discussion Paper, EFRAG, OIC and the ASBJ received twenty nine comment letters and is now issuing a feedback statement which describes the main comments that it received. The majority of respondents supported the view that amortisation of goodwill should be reintroduced, but also pointed out that there were areas for improvement in the impairment testing.