FASB approves standard to simplify testing goodwill for impairment.

FASB has revised accounting standards intended to simplify how an entity tests goodwill for impairment. The amendments will allow an entity to first assess qualitative factors to determine whether it is necessary to perform the two-step quantitative goodwill impairment test. An entity no longer will be required to calculate the fair value of a reporting unit unless the entity determines--based on a qualitative assessment--that...