Goodwill accounting and impairment can be challenging for both accountants and auditors. See ASIC-inspired corporate restatements and the commission’s inspection findings. This session will review goodwill accounting and disclosure requirements of AASB 3 Business Combinations and AASB 136 Impairment of Assets and related contemporary issues. Examples will be provided.
The session looks at:
- Goodwill determinations arising from a business acquisition under AASB 3
- Timing of impairment testing
- Goodwill allocation to cash-generating units
- How to determine goodwill impairment
- Reversal of impairment
- Disclosures, and
- Other standards that you may not have considered.
