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July 30, 2012

EFRAG launches consultation on goodwill impairment

The European Financial Reporting Advisory Group (EFRAG) and Organismo Italiano di Contabilità (OIC) have issued a questionnaire to gather feedback on impairment requirements for goodwill.

The results of the survey are expected to input to the International Accounting Standards Board (IASB) post-implementation review of IFRS 3 expected in 2013,

The questionnaire focuses on the value to users of financial reporting based on the current requirements for the impairment test of goodwill (IAS 36).

The questionnaire is aimed to provide input for the post-implementation review in relation to the assessment of the current prohibition to amortise goodwill, which was a contentious issue when introducing IFRS 3 Business Combinations

EFRAG said the decision to prohibit amortisation of goodwill was contentious since the introduction of IFRS 3 “as demonstrated by the level of international debate around this topic”.

The deadline to complete the questionnaire is 30 September.

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