FASB Update No. 2012-02
In July 2012, the FASB issued Accounting
Standards Update No. 2012-02, Intangibles—
Goodwill and Other (Topic 350): Testing
Indefinite-Lived Intangible Assets for Impairment.
Prepare a 2 page report outlining the purpose of
this update. Give an example, real or fictitious of how
the application of this standard would impact financial reporting.

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