X hits on this document

363 views

0 shares

0 downloads

0 comments

75 / 125

FASB Statement No. 141 or No. 147. (3), (4), and (5) that follow provide those transition provisions.

  • 3.

    Upon adoption of FASB Statement No. 141 (Revised 2007), a mutual entity that had a purchase business combination accounted for in accordance with APB Opinion No. 16 or FASB Statement No. 72 shall apply the following transition provisions for goodwill and intangible assets acquired in that business combination:

    • i.

      The entity shall reclassify to goodwill (reclassified goodwill) amounts that do not meet the identifiable criteria for recognition separately from goodwill. Therefore, the entity shall reclassify all of the following to goodwill:

      • 01.

        The carrying amount of acquired intangible assets that do not meet the identifiable criteria for recognition separately from goodwill.

      • 02.

        The carrying amount of unidentifiable intangible assets that do not meet the identifiable criteria for recognition separately from goodwill. FASB Statement No. 72 described unidentifiable intangible assets as the amount by which the fair value of the liabilities assumed exceeds the fair value of tangible and identified intangible assets acquired.

      • 03.

        Any deferred tax liabilities related to the intangible assets or unidentifiable intangible assets also shall be reclassified to goodwill if the amortization of the intangible assets or the unidentifiable intangible assets is not deductible for tax purposes.

    • ii.

      The entity shall reclassify to intangible assets the carrying amount of any intangible asset meeting all of the following conditions:

      • 01.

        Meets the definition of {Remove glossary link} identifiable {Remove glossary link}

      • 02.

        Has been recognized but reported on the face of the statement of financial position in goodwill (or as goodwill and intangible assets) or as unidentifiable intangible assets

      • 03.

        Has been separately accounted for (that is, separate accounting records have been maintained). An entity would be deemed to have maintained separate accounting records if there is a separate general ledger account or other subsidiary ledger, such as a spreadsheet or similar ledger account, to which periodic amortization charges, impairment charges, and other accounting entries were posted. An entity shall not carve out from goodwill any intangible assets that had not been identified and measured at fair value (as defined or described in FASB Statement No. 141 or APB Opinion No. 16) in the initial

69

Document info
Document views363
Page views363
Page last viewedThu Dec 08 04:55:33 UTC 2016
Pages125
Paragraphs3446
Words39606

Comments