Accounting for Goodwill and Other Intangible Assets

Working Papers

Table of Worksheets

Worksheet 1	Key Differences between U.S. GAAP and IFRS Guidance on Intangible Assets and Goodwill
Worksheet 2	Jones Manufacturing Inc.—A Goodwill Impairment Testing Example
Worksheet 3	SEC Comment Letter on Research and Development Activity Disclosures to Amphastar Pharmaceuticals Inc.
Worksheet 4	Sample Disclosures under U.S. GAAP
Worksheet 5	Sample Disclosures under IFRS
Worksheet 6	Nature and Components of Goodwill
Worksheet 7	Template for Memo on How Indefinite-Lived Intangible Assets Are Grouped for Impairment Testing

Worksheet 1: Key Differences between U.S. GAAP and IFRS Guidance on Intangible Assets and Goodwill

U.S. GAAP	IFRS
Recognizing Intangible Assets	The definition of an intangible asset is an asset (not including a financial asset) that lacks physical substance. [ASC 350-10-20]	The definition of an intangible asset is an identifiable nonmonetary asset without physical substance. In addition to being identifiable and nonmonetary, an item should also be controlled by the entity and expected to provide future economic benefits to the entity. Although this definition differs from U.S. GAAP, we do not see much difference in practice. [IAS 38.8-10]
An identifiable intangible asset is recognized when it is acquired either individually or as part of a group of other assets. [ASC 350-30-25-1]	An intangible asset is recognized when (1) it is probable that future economic benefits attributable to the asset ...