Goodwill Accounting Overhaul Suddenly Scuttled by Rulemakers (1)

US accounting rulemakers on Wednesday ended a four-year effort to overhaul accounting for the intangible asset called goodwill.

The Financial Accounting Standards Board voted unanimously to discontinue work on the plan.

“This is something that will need to get addressed but I’m not convinced right now that it has to be the top priority,” said board member Marsha Hunt.

The vote was an unusual reversal of what once seemed like an inevitable change to accounting for the tricky intangible asset. After years of debate and trying three times to simplify how companies calculate goodwill impairments, FASB appeared to be moving ...