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In mid-January 2014, the FASB released Accounting
Standard Update 2014-02 Intangibles – Goodwill
and Other (Topic 350): Accounting for Goodwill (ASU
2014-02). ASU 2014-02 is the first standard issued by
the FASB upon endorsement of a consensus of the
Private Company Council that is specifically designed
to meet the needs of private companies by providing
an alternative within US GAAP.
Current accounting standards for goodwill are seen
as complex because they require regular impairment
testing and do not permit amortization of goodwill.