ARTICLE · 18 JANUARY 2001

FASB Accounting Projects

Chartwell Capital Ltd

Explore more from Chartwell Capital Ltd

United StatesTax

Charles Thayer

In August 1996, the FAS Board added to its agenda a project on accounting for business combinations. In September 1999 FASB issued an Exposure Draft of a proposed Statement that eliminated pooling of interests accounting. The following comments update our views on the status of this FASB accounting project.

New FASB proposal for Business Combinations would still eliminate 'pooling-of-interests' accounting but - a significant change - the FASB would no longer require the amortization of goodwill with purchase accounting. FASB has indicated that all amortization of all goodwill [including goodwill from previous acquisitions] will cease and would be accounted for under the impairment approach. Acquired intangible assets [other than goodwill] would continue to be amortized over their useful life.

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