Recently FASB announced that Private entities could chose to account for Goodwill in a simpler manner. Instead of doing an impairment test every year to get to the value of Goodwill (which is what Public companies need to do), private companies can chose to amortize Goodwill on a straight line basis over a period of 10 years or less. The companies will have to do an impairment test only in case of a significant triggering event, e.g. a substantial decline in operating results or the loss of a key employee. The new standard will also allow companies to do the test at an entity-wide level rather than at a reporting unit level.
This is definitely a cost saving as well as time saving process for small private entities.
