GAIT » Topics » (i) Goodwill and Identifiable Intangible Assets with Indefinite Lives

This excerpt taken from the GAIT 10-K filed Mar 31, 2006.

(i) Goodwill and Identifiable Intangible Assets with Indefinite Lives

In accordance with the provisions of SFAS No. 142, “Goodwill and Other Intangible Assets,” the Company no longer amortizes goodwill and identifiable intangible assets with indefinite lives (trade names). Instead these assets are reviewed for impairment on an annual basis (October 1). Based upon the review of impairment, the Company recorded a provision for impairment of $1,600,000 with respect to the Benefoot trademark because the fair value of the trademark was de minimus based upon management’s determination that it will no longer rely on or use such trademark in the marketplace.

This excerpt taken from the GAIT 10-K filed Mar 30, 2005.

(i)    Goodwill and Identifiable Intangible Assets with Indefinite Lives

        In accordance with the provisions of Statement of Financial Accounting Standards ("SFAS") No. 142, the Company no longer amortizes goodwill and identifiable intangible assets with indefinite lives (trade names). Instead these assets are reviewed for impairment on an annual basis (October 1).

EXCERPTS ON THIS PAGE:

10-K
Mar 31, 2006
10-K
Mar 30, 2005
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