Chair of the International Accounting Standards Board (Board) Hans Hoogervorst has today delivered a keynote speech in Japan, in which he discussed the accounting for goodwill and some of the challenges with the existing annual impairment test of goodwill.
He explained that the Board plans to include a question about the possible reintroduction of goodwill amortisation in a forthcoming discussion paper aimed at obtaining stakeholders’ views on the topic, but warned that reintroduction is far from a foregone conclusion.
He also spoke about the adoption of IFRS Standards around the world, saying he expects half the Tokyo market cap soon to be ‘IFRS-denominated’, and provided an overview of the Board’s work under the theme of Better Communication in Financial Reporting.
The full speech can be accessed here.
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