The largest companies are thus able to survive thumping blows that might otherwise floor them, such as the $99 billion loss that the newly formed but ill-conceived AOL Time Warner, as it then was, reported for 2002. De très nombreux exemples de phrases traduites contenant 'write-downs of goodwill' Dictionnaire français-anglais et moteur de recherche de traductions françaises. Moreover, some investors take goodwill write-offs with a pinch of salt, preferring to look past such non-recurring costs and accept the higher “normalised” earnings numbers to which managers understandably cling. The sanguine point out that this has no effect on cashflow, since such charges are non-cash items. In this stormy environment, with auditors keener than ever to avoid being seen to go easy on clients, companies are being told to mark down assets if there is any doubt about their value. Since 2002, when an accounting-rule change ended that practice, goodwill has had to be tested every year for impairment. American firms used to be allowed to amortise goodwill over many years. How bad things get will depend on the beancounters. THE worlds largest metal recycler Sims Metal had more than 200 million stripped from its market capitalisation yesterday after making a 614m writedown on the value of its North American business. said Thursday it will write down all 45 billion in goodwill on its books, reflecting the plunging value of the bankrupt and scandal-ridden telecommunications company. Investors have so far paid little attention to intangibles, but as write-downs proliferate they are likely to become increasingly wary of industries with a high ratio of goodwill to assets, such as health care, consumer goods and telecoms. It was the largest writedown since ConocoPhillips’ 25 billion goodwill impairment in 2008 2, but it is dwarfed by the 45 billion charge that AOL TimeWarner booked in 2003 3. plans to write down 17 billion to 20 billion in. G eneral Electric recently booked a 22 billion goodwill impairment charge, reducing the total goodwill for its power generation segment to zero 1. Reversals of impairments are not allowed. After insisting for months that its oil and gas investments remain as valuable as ever, Exxon Mobil Corp. An impairment of goodwill suggests an admission of overpayment for a previous acquisition. The essence of this impairment test is to determine whether or not the premium (goodwill) paid for another company is still justified. Michael Moran of Goldman Sachs thinks such hits could amount to $200 billion or more over the cycle. then the firm must write down the goodwill to its impaired value. A recently announced $25 billion goodwill charge is expected to push Time Warner into an operating loss for 2008, for instance. As the economy deteriorates and more firms trade down towards (or even below) their book value, empire-builders are having to mark down the value of assets they splashed out on in rosier times.
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