NU Online News Service, March 28, 9:51 a.m. – The Phoenix Companies Inc., Hartford, says it will write off at least $120 million in asset value in the first quarter to implement a new accounting standard, SFAS 142.
The accounting rule changes the way companies account for goodwill and other intangible assets.
Goodwill is the difference between the book value of assets acquired and the price an acquirer actually pays for the assets.