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FASB to Reconsider the Accounting for “Statement 72 Goodwill”
By Brian Degano. ... In developing Statement 142, the Board did not reconsider the question of the
accounting for the Statement 72 unidentifiable intangible asset. ... The Board decided that excluding the Statement 72 unidentifiable intangible asset from the scope of Statement 142 would allow it to conduct that research and reconsider the accounting for that asset independently of other issues. ... Why is the Board reconsidering the accounting guidance in Statement 72? ... Statement 72 was developed during the early 1980s as a pragmatic solution to certain issues related to the application of the purchase method of accounting to acquisitions of financial institutions, particularly those completed during periods of high interest rates. ... During the development of Statement 142, a number of constituents recommended that the accounting for the Statement 72 unidentifiable intangible asset be reconsidered. ... (Note: the Board currently has another active project on its agenda to reconsider issues related to the application of the purchase method of accounting for a business combination. The scope and direction of that project are discussed in a related article, “FASB Addresses Purchase Accounting Issues in Joint Project with IASB,” published in the November 30, 2001 issue of Status Report.
Approximate Word count = 846
Approximate Pages = 3.4
(250 words per page double spaced)
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