Is my company impacted by FASBs Statement of Financial Accounting Standards Nos. 141 and 142?
If your financial statements are issued in accordance with Generally Accepted Accounting Principles (“GAAP”), if you have goodwill on your balance sheet, and/or you plan to make acquisitions in the future, the answer is “YES.” These Statements require more explicit disclosure of the fair value of past and future acquisitions in relation to their actual cost. This means companies (both publicly and privately owned) will no longer have the option to leave overvalued goodwill assets on their balance sheets.
