About this episode
In our Toolkit podcast series, we take a deep dive into one accounting topic each month that goes beyond the basics and into areas that require judgment. This month, we are covering impairments – a complex topic with a variety of accounting and reporting considerations. In this episode, Heather Horn was joined by PwC National Office partner Andreas Ohl and PwC managing director Adam Smith to dive into goodwill and indefinite-lived intangible asset impairments, including the impact of current economic conditions on that assessment. In this episode, you will hear them discuss: 1:26 - Goodwill from an economic lens 7:23 - Measuring goodwill impairment at the appropriate unit of account 17:02 - Reminders for assessing triggering events and performing the quantitative test 29:12 - Key challenges seen in practice 32:32 - Assessing indefinite-lived intangible assets 39:34 - Final advice on assessing goodwill for impairment Want to learn more? Listen to other episodes in our impairment toolkit series on long-lived assets , inventory and other current assets , and financial instruments , along with previous podcasts on impairment accounting, including accounting for goodwill and other impairments and answers to your impairment valuation questions . For episodes on segments that address the identification of reporting units, check out disclosure requirements for segments , and 5 things to know about segment reporting . Adam Smith is a managing director with over 20 years of experience related to performing valuations of businesses, business interests, intangible assets, and derivatives. Adam’s valuation specialization supports a wide range of purposes, including financial reporting, litigation support, corporate planning and consulting, and mergers and acquisitions. Andreas Ohl is a partner in PwC's National Office focused on thought leadership, standard setting, and mergers and acquisitions under US GAAP and IFRS. In addition to his US responsibilities, he leads the sustainability topic team for the PwC global network. Andreas is chairman of the Business Valuation Standards Board at the International Valuation Standards Council, is a member of the working group that authored the AICPA's in-process R&D guide, and has served as a member of the FASB's Valuation Resource Group. Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com . Did you enjoy this episode? Text us your thoughts and be sure to include the episode name.