At their last meeting on March 14, FASB directed staff to prepare an exposure draft proposing a three-step approach to assessing goodwill for impairment. “If the changes are approved, Topic 350, Intangibles—Goodwill and Other, formerly SFAS No. 142, would include a three-step test that would let companies, in some instances, avoid measuring a goodwill intangible at fair value,” according to Thomson Reuters’ SEC/GAAP Watch.