# ASC 350-20-65: Intangibles—Goodwill and Other — Goodwill — 65 Transition and Open Effective Date Information
Source: FASB Accounting Standards Codification, Basic View
[Read online](https://asc.understandingaccounting.org/asc/350/20/#65-transition-and-open-effective-date-information)
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## ASC 350-20-65: 65 Transition and Open Effective Date Information
[Read section](https://asc.understandingaccounting.org/asc/350/20/#65-transition-and-open-effective-date-information)
SEC content: no
##### [350-20-65-1](https://asc.understandingaccounting.org/asc/350/20/#350-20-65-1)
Pending content: no
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Paragraph superseded on 06/17/2013 after the end of the transition period stated in Accounting Standards Update No. 2011-08, _Intangibles—Goodwill and Other (Topic 350): Testing Goodwill for Impairment_.
#### Transition Related to Accounting Standards Updates No. 2014-02, Intangibles—Goodwill and Other (Topic 350): Accounting for Goodwill, No. 2019-06, Intangibles—Goodwill and Other (Topic 350), Business Combinations (Topic 805), and Not-for-Profit Entities (Topic 958): Extending the Private Company Accounting Alternatives on Goodwill and Certain Identifiable Intangible Assets to Not-for-Profit Entities, and No. 2021-03, Intangibles—Goodwill and Other (Topic 350): Accounting Alternative for Evaluating Triggering Events
##### [350-20-65-2](https://asc.understandingaccounting.org/asc/350/20/#350-20-65-2)
Pending content: no
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The following represents the transition information related to Accounting Standards Updates No. 2014-02, _Intangibles—Goodwill and Other (Topic 350): Accounting for Goodwill,_ No. 2019-06, _Intangibles—Goodwill and Other (Topic 350), Business Combinations (Topic 805), and Not-for-Profit Entities (Topic 958): Extending the Private Company Accounting Alternatives on Goodwill and Certain Identifiable Intangible Assets to Not-for-Profit Entities,_ and No. 2021-03, _Intangibles—Goodwill and Other (Topic 350): Accounting Alternative for Evaluating Triggering Events_ referenced in paragraph [350-20-15-3A](https://asc.understandingaccounting.org/asc/350/20/#350-20-15-3A):
1. a
Upon adoption of the guidance for the accounting alternative for amortizing goodwill in the Accounting Alternatives Subsections of this Subtopic and the guidance in paragraph [323-10-35-13](https://asc.understandingaccounting.org/asc/323/10/#323-10-35-13), that guidance shall be effective prospectively for new goodwill recognized after the adoption of that guidance. For existing goodwill, that guidance shall be effective as of the beginning of the first fiscal year in which the accounting alternative is adopted.
2. b
Goodwill existing as of the beginning of the period of adoption shall be amortized prospectively on a straight-line basis over 10 years, or less than 10 years if an entity demonstrates that another useful life is more appropriate.
3. c
[Subparagraph superseded by Accounting Standards Update No. 2016-03](https://asc.understandingaccounting.org/updates/asu-2016-03/).
4. d
Upon adoption of the accounting alternative for amortizing goodwill, an entity shall make an accounting policy election to test goodwill for impairment at either the entity level or the reporting unit level.
5. e
A private company or not-for-profit entity that makes an accounting policy election to apply the accounting alternative for amortizing goodwill in the Accounting Alternatives Subsections of this Subtopic for the first time need not justify that the use of the accounting alternative is preferable as described in paragraph [250-10-45-2](https://asc.understandingaccounting.org/asc/250/10/#250-10-45-2).
##### [350-20-65-3](https://asc.understandingaccounting.org/asc/350/20/#350-20-65-3)
Pending content: no
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Paragraph superseded on 06/21/2024 after the end of the transition period stated in Accounting Standards Updates No. 2017-04, _Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment,_ No. 2019-10, _Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates_, and No. 2021-03, _Intangibles—Goodwill and Other (Topic 350): Accounting Alternative for Evaluating Triggering Events_.
#### Transition Related to Accounting Standards Update No. 2021-03, Intangibles—Goodwill and Other (Topic 350): Accounting Alternative for Evaluating Triggering Events
##### [350-20-65-4](https://asc.understandingaccounting.org/asc/350/20/#350-20-65-4)
Pending content: no
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Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f
Effective as of: not established by retrieval timestamps.
The following represents the transition and effective date information related to Accounting Standards Update No. 2021-03, _Intangibles—Goodwill and Other (Topic 350): Accounting Alternative for Evaluating Triggering Events:_
1. a
The pending content that links to this paragraph shall be effective prospectively for fiscal years beginning after December 15, 2019. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance as of March 30, 2021. A private company or not-for-profit entity that adopts the pending content that links to this paragraph shall apply it as of the beginning of the interim or annual period for financial statements that have not yet been issued or made available for issuance in the year of adoption. A private company or not-for-profit entity shall not retroactively adopt the pending content that links to this paragraph as of the beginning of an annual period for which interim-period financial statements have already been issued in the year of adoption.
2. b
For a private company or not-for-profit entity that adopts the pending content that links to this paragraph after its original effective date, that pending content shall be applied prospectively as of the beginning of the first reporting period in which the accounting alternative is adopted.
3. c
A private company or not-for-profit entity that makes an accounting policy election to apply the pending content that links to this paragraph for the first time need not justify that the use of the accounting alternative is preferable as described in paragraph [250-10-45-2](https://asc.understandingaccounting.org/asc/250/10/#250-10-45-2).