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FASB ASU No. 2019-06: Extending the Private Company Accounting Alternatives on Goodwill and Certain Identifiable Intangible Assets to Non-for-Profit Entities Why was this ASU issued?

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When the Board issued ASU 2014-18 that provided relief to private companies in accounting for goodwill, the Board acknowledged that the relief could be appropriate for not-for-profit entities as well as public companies. Therefore, the FASB added a project to its agenda to explore the possibility of extending the relief to not-for-profit entities. The Board has concluded that the cost of using an impairment-only model for not-for-profit entities does not exceed the benefit and issued this standard in response.

Annual Accounting and Auditing Workshop

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