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recognized in accordance with paragraphs 350-20-45-2 through 45- 3. [FAS 164, paragraph 97, sequence 97.1.3] In addition to the transitional goodwill impairment test, an NFP shall perform the required annual goodwill impairment test in the year that the pending content that links to this paragraph is initially applied. That is, the transitional goodwill impairment test may not be considered the initial year’s annual test unless an entity designates the beginning of its fiscal year as the date for its annual goodwill impairment test. [FAS 164, paragraph 97, sequence 97.1.4] The following guidance applies to an NFP that reports on an interim

basis: i. A

[FAS 164, paragraph 99, sequence 99.1] writeoff of goodwill or a transitional impairment




goodwill shall be presented in the first interim period regardless of the period in which an impairment loss is measured. [FAS 164, paragraph 99, sequence 99.2]

  • ii.

    Interim periods of the fiscal year that precede the period in which the writeoff of goodwill or transitional goodwill impairment loss is measured shall be restated to reflect the accounting change in those periods. [FAS 164, paragraph 99, sequence 99.3]

  • iii.

    The aggregate amount of the accounting change shall be included in restated changes in net assets of the first interim period of the year of initial application (and in any year-to-date or last-12-months-to-date financial reports that include the first interim period). [FAS 164, paragraph 99, sequence 99.4]

  • iv.

    Whenever financial information is presented that includes the periods that precede the period in which the transitional goodwill impairment loss is measured, it shall be restated. [FAS 164, paragraph 99, sequence 99.5]

following guidance applies to intangible assets that arose from

acquisitions content that

whose links to

dates preceded the application of the pending this paragraph (that is, transactions accounted for

using the purchase method in APB Opinion No. 16, Combinations): [FAS 164, paragraph 100, sequence 100.1]


  • 1.

    An NFP shall reassess the useful lives of those intangible assets using the guidance in paragraphs 350-30-35-1 through 35-5B and adjust the remaining amortization periods as necessary. For example, the amortization period for a previously recognized intangible asset might be increased if its original useful life was estimated to be longer than the 40-year maximum amortization period allowed by APB Opinion No. 17, Intangible Assets. That reassessment shall be completed before the end of the first interim period of the fiscal year in which the pending content linking to this paragraph is initially applied. [FAS 164, paragraph 100, sequence

    • 100.2



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