Timeline of Events –

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