The following statement is TRUE / FALSE (circle one): Effective for fiscal years beginning after December 31, 2019, Accounting Standard Update 2017-04: “Simplifying Goodwill Impairment Testing" - which allowed privately held firms to amortize Goodwill over a ten-year period - has been expanded so that all firms, whether private or public, may now elect to amortize Goodwill.

The following statement is TRUE / FALSE (circle one): Effective for fiscal years beginning after December 31, 2019, Accounting Standard Update 2017-04: “Simplifying Goodwill Impairment Testing" - which allowed privately held firms to amortize Goodwill over a ten-year period - has been expanded so that all firms, whether private or public, may now elect to amortize Goodwill.

FINANCIAL ACCOUNTING

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ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Question

The following statement is TRUE / FALSE (circle one):
Effective for fiscal years beginning after December 31, 2019, Accounting Standard
Update 2017-04: "Simplifying Goodwill Impairment Testing" - which allowed privately
held firms to amortize Goodwill over a ten-year period - has been expanded so that all
firms, whether private or public, may now elect to amortize Goodwill.

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