Goodwill Accounting. This CFO.com article is a little dated, but gives a good summary about how the Goodwill accounting changes we discussed in class were expected to impact different industries.

"Merrill Lynch's study of 44 industries finds that the FASB changes will result in accelerated merger and acquisition activity for companies with strong cash flows as well as a decline in P/E ratios for certain industries.... Pharmaceuticals will be disadvantaged because the new rules would require them to amortize acquired patents since the assets have a clearly defined life.... Waste, death care, engineering and construction may face significant impairment issues because a number of companies in those industries now carry a goodwill asset that exceeds their market capitalization (a potential trigger event for an impairment review). "