FEI/FRC Joint letter: "Amendments to FASB Statement # 142, Goodwill and Other Intangible Assets"
Wednesday, November 22, 2006
The Financial Reporting Committee (“FRC”) of the Institute of Management Accountants (“IMA”) and the Committee on Corporate Reporting (“CCR”) of Financial Executives International (“FEI”) are writing this letter to request that the FASB reconsider its decision to discontinue its project to amend FASB Statement No. 142, Goodwill and Other Intangible Assets (“Statement 142”), to address the inconsistency between the determination of fair value of intangible assets under FASB Statement No. 141, Business Combinations (“Statement 141”), and the determination of amortizable lives under Statement 142. CCR and FRC are each the financial reporting technical committee of their respective organizations. The Committees review and respond to research studies, statements, pronouncements, pending legislation, proposals and other documents issued by domestic and international agencies and organizations. This document represents the views of the Committees and not necessarily the views of FEI, IMA, or their individual members.