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In March 2021, the FASB issued ASU 2021-03, Accounting Alternative for Evaluating Triggering Events. ASU 2021-03 provides eligible private companies and not-for-profit entities an accounting policy election to apply an alternative method for evaluating goodwill impairment triggering events. If elected, this alternative allows the reporting entity to perform its goodwill trigging event assessment only as of the end of each reporting period.
In accordance with ASC 350-20-50-3B, a reporting entity that elects the accounting alternative for a goodwill impairment triggering event evaluation should disclose the alternative as a significant accounting policy in the footnotes to the financial statements in accordance with ASC 235-10-50-1. Other than the accounting policy disclosure, a reporting entity is not required to make incremental disclosures related to this accounting alternative.
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