ACCT 540 Week 4 Assignment, Work Plan for IFRSs
Goodwill is an overvaluation of when a company obtains an existing business (Goodwill, 2015).The project was aimed towards the IASB changing the requirements for the financial reporting of goodwill and how it should be reported. The IASB considered making the necessary changes to the requirements on both the initial recognition as well as in ensuing disclosures. The IASB noted from the Post Implementation Review that the current practicing model for goodwill doesn’t reflect areas where a company’s performance could have been impaired by goodwill allocation. The results of the review determined conflict between investor statements that prove goodwill impairments are unnoticed and that the proof proved that goodwill impairments are useful…………………….