FASB recently issued Accounting Standards Update 2019-06, which reduces the cost and complexity of goodwill accounting by allowing not-for-profits (NFP) to use two accounting policy elections that permit:
- Goodwill amortization over 10 years or less on a straight-line basis
- Impairment testing only upon a triggering event
- Entity-level impairment assessment
- Ability to subsume certain customer-related intangible assets and all noncompete agreements into goodwill
Read on for more information.