A Two-Year FASB Journey
September 1999 – FASB issues the 1999 exposure draft, Business Combinations and Intangible Assets
February 2000 – FASB holds four days of public hearings at which 43 respondents presented their views
April 2000 – FASB begins redeliberations of the issues addressed in the 1999 exposure draft
May 2000 – Representatives from the investment banking community and public accounting firms meet with the board to discuss their proposal to use a residual income valuation model to measure and account for goodwill
September 2000 – Various business groups meet with the board to discuss a proposed impairment test that would apply to purchased goodwill
October – November 2000 – the Board and staff members participate in field visits with 14 companies to discuss a goodwill impairment approach developed by the FASB
December 2000 – FASB issues a revision of the 1999 draft to expose for comment the changes that had been made
February 2001 – the Board issues for public comment its tentative decisions on the accounting for goodwill in the FASB Exposure Draft (revised)
May 2001 – Redeliberations continue
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