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Essay / Research Paper Abstract
This 7-page paper focuses on amortization of goodwill versus impairment testing, as reported through FASB statements 141, 142 and 144. Bibliography lists 7 sources.
Page Count:
7 pages (~225 words per page)
File: D0_MTfas141.rtf
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Unformatted sample text from the term paper:
an attempt to clarify asset accounting, to avoid any confusions, and to promote greater transparency when it came to reporting activities.
These accounting standards ended up being SFAS 144 -- "Accounting For The Impairment Of Long-Lived Assets." Meanwhile, the FASB also released SFAS 141 - "business combinations" and 142 "goodwill."
The accounting standards are the attempts of the FASB to encourage corporations to be more honest about what they are buying (and selling)
and the fair value of their assets, so investors dont lose money because of misunderstanding in terms of reporting of assets and their disposal.
The differences between these statements is that while 141 and 142 measure goodwill and business combinations, 144 is more concerned about actual value of assets and how
they can be written down - in other words, the tangible value. Statement 144 focuses on tangible assets *such as property and equipment) rather than intangibles (such as receivables
and customer loyalty). But how does amortization of goodwill compare to impairment testing? In this paper, well examine these topics closely to
determine how effective these statements are and will be. In addition to providing an overview of these statements, well also examine what other accountants have to say about it. An
overview of 144 SFAS 144 covers three areas. First, it involves long-lived assets that a company decides to hold and use
over time (Scheurell and Steinberg, 2002). Second, the statement covers the value of such assets that are to be disposed of by methods other than sale (Scheurell and Steinberg, 2002)
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