Pooling to become history as FASB makes changes.(goodwill and intangible assets acquired in business combinations)(pooling-of-interests method of accounting)

In May, FASB announced it was close to replacing long-standing guidance with new statements that would require companies to change their accounting for goodwill and intangible assets acquired in business combinations.

By the end of June, the board was to have voted on two final statements, Business Combinations and Goodwill and Other Intangible Assets. Expected to gain board approval, this guidance will, when issued, supplant APB no. 16, Business Combinations (1970), and APB no. 17, Intangible Assets (1970), which, respectively, addressed accounting for business combinations at the time of acquisition and thereafter. The two new statements will forbid some practices permitted …