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US Rulemakers Defend Scuttling Goodwill Accounting Overhaul

Sept. 30, 2022, 3:42 PM

Major changes to goodwill accounting aren’t worth the time and expense, members of the US Financial Accounting Standards Board told global standard-setters Friday at a joint meeting.

“In the US, users are not, by and large, pounding on our door for a change that relates to goodwill,” FASB Vice Chair James Kroeker said at meeting with the International Accounting Standards Board in London.

Kroeker was responding to the chair of the International Accounting Standards Board, who asked FASB members to explain their surprise June decision to abandon a four-year project to overhaul goodwill accounting. ...