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What is goodwill impairment?
Answer - Goodwill impairment occurs when the value of the goodwill of a business unit declines to an amount less than the carrying value of the goodwill on the company's books. With the adoption of SFAS 142 by the Financial Accounting Standards Board (FASB), audited companies are now required to test goodwill annually for impairment. This testing is done by valuing the business unit having the goodwill.
What is The private group that currently has the authority to establish generally accepted accounting principles in the US?
The Financial Accounting Standards Board (FASB)
The private sector organization involved in developing accounting principles is the?
FASB - Financial Accounting Standards Board
What group or organization governs ethical issues in financial accounting?
The Financial Accounting Standards Board (FASB)
The most significant current source of generally accepted accounting?
FASB
Is goodwill a financial asset?
According to the FASB, goodwill is defined as an asset.
What is goodwill impairment?
Answer - Goodwill impairment occurs when the value of the goodwill of a business unit declines to an amount less than the carrying value of the goodwill on the company's books. With the adoption of SFAS 142 by the Financial Accounting Standards Board (FASB), audited companies are now required to test goodwill annually for impairment. This testing is done by valuing the business unit having the goodwill.
What is The private group that currently has the authority to establish generally accepted accounting principles in the US?
The Financial Accounting Standards Board (FASB)
Who is the FASB held accountable to?
Financial Accounting Foundation (FAF)
What is the role of the Financial Accounting Foundation?
It is responsible for selecting members of the FASB, raising money to fund the FASB's operations, and providing general oversight of the FASB to assure that it is performing its mission
The private sector organization involved in developing accounting principles is the?
FASB - Financial Accounting Standards Board
What group or organization governs ethical issues in financial accounting?
The Financial Accounting Standards Board (FASB)
The most significant current source of generally accepted accounting?
FASB
What private organization establishes broad accounting principles as well as specific accounting rules?
FASB financial accounting standards board
Who set accounting rules?
Financial Accounting Standards Board (FASB) set US GAAP (Generally Accepted Accounting Practices)
What is the definition of fasb stock option?
A FASB is the Financial Accounting Standards board. The FASB stock option is a way to calculate profit/resources for a company. It is used, for example, to plan out employee pay.
Who sets US accounting rules?
Financial Accounting Standards Board (FASB) set US GAAP (Generally Accepted Accounting Practices)
