What it is
Goodwill and intangible assets draw a set of policy, balance and impairment disclosures. This checklist covers the accounting policy, the goodwill rollforward, finite-lived and indefinite-lived intangibles, and the facts to disclose when an impairment is recorded.
A private company can elect to amortize goodwill and to test it only on a triggering event. The checklist asks you to record any election first, then complete the matching items. It is a prompt list in our own words and does not replace the Codification.
When to use it
- When drafting the goodwill and intangible assets note.
- After an acquisition or an impairment charge.
- During the audit or review of the notes.
What’s inside
- Policy items, including the unit of account and private company elections
- Goodwill rollforward, accumulated impairment and impairment loss facts
- Finite-lived intangibles by class with amortization and five-year estimates
- Indefinite-lived intangibles and classification changes
- Review points tying amounts to the rollforwards and the tax note
Standard cited
This template follows ASC 350. It is written in our own words, except for phrases the standard requires the document to contain, with [bracketed placeholders] for client details, amounts in USD and dates as MM/DD/YYYY. Check it against the current standard and your firm’s methodology before use.
Questions
What is the private company goodwill alternative?
A private company can elect to amortize goodwill, usually over a period of ten years or less, and to test it for impairment only when a triggering event occurs, at the entity level or the reporting unit level. The checklist records the election and the matching disclosures.
What must be disclosed when goodwill is impaired?
The facts and circumstances that led to the impairment, the amount, the method used to determine fair value, and the income statement line item that includes the loss. The checklist lists each.
Where does the five-year amortization estimate come from?
From the intangible assets rollforward workbook, which spreads each class’s net carrying amount over its remaining life. Agree the note to that schedule.
Related templates
- Intangible Assets Rollforward Workbook (ASC 350)
- GAAP Disclosure Checklist (Private Company, Short Form)
- Disclosure Checklist: Fair Value Measurements (ASC 820)
- Disclosure Checklist: Income Taxes (ASC 740)
Last updated 11/05/2026. All free templates.