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Overview
While the extent and duration of the economic fallout from the COVID-19 pandemic remain unclear, companies need to consider a number of accounting, disclosure and financial reporting matters related to their annual and interim impairment analyses for indefinite-lived intangible assets and goodwill under Accounting Standards Codification (ASC) 350.
This publication supplements our Technical Line, Accounting and reporting considerations for the effects of the coronavirus outbreak, and addresses considerations related to the determination of the fair value of a reporting unit and/or indefinite-lived intangible asset and management’s development of prospective financial information (PFI) used as key inputs into fair value valuation techniques, among other topics.