The Financial Accounting Standards Board
(FASB) has added the impairment of intangible assets with
indefinite lives project to its agenda.
The short-term project aims to simplify the
manner in which an entity tests other indefinite-lived intangible
assets for impairment.
The project was added by FASB chair Leslie
Seidman following feedback from another project on goodwill
impairment.
Following the FASB insurance contracts
project, the Group of North American Insurance Enterprises urged
the FASB to make substantial changes in its proposed standards.
The insurance industry group suggested FASB
should consider create separate models for short-duration non-life
insurance contracts and another for long-duration life insurance
contracts.
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