The Financial Accounting Standards Board – FASB establishes standards of financial accounting which help accountants, companies, auditors and other users of financial statements. FASB issues Statements of Financial Accounting Standards-SFAS. FASB has so far issued 163 statements of standards. This paper will cover SFAS 142 which covers the accounting treatment of goodwill and other intangible assets.
The areas covered throughout this paper are the Name and number of the standard, status, summary, reason for issuing, difference between standard and current practice, affect on the conceptual framework, objective of statement, scope of the statement and in the summary of the effects of the statement will be discussed (Financial Accounting Standards Board).
Name and Number of the Standard
The name of the standard is Goodwill and Other Intangible Assets and the number of the standard is SFAS 142 (Financial Accounting Standards Board).
Status of the Standard
The standard was issued in June 2001 and is effective on fiscal years starting after December 31, 2001 and the goodwill acquired in combinations of business shall not be amortized after June 30, 2001 (Financial Accounting Standards Board).
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