{"id":110414,"date":"2025-02-26T03:38:43","date_gmt":"2025-02-26T03:38:43","guid":{"rendered":"https:\/\/peraltafinancing.com\/accounting\/fasb-to-reverse-goodwill-accounting-lev-end-of-accounting-blog\/"},"modified":"2025-02-26T03:38:43","modified_gmt":"2025-02-26T03:38:43","slug":"fasb-to-reverse-goodwill-accounting-lev-end-of-accounting-blog","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=110414","title":{"rendered":"FASB To Reverse Goodwill Accounting \u2013 Lev End Of Accounting Blog"},"content":{"rendered":"


\n<\/p>\n

\n

By Feng Gu and Baruch Lev<\/em><\/p>\n

In April 2020, Tapestry, Inc. (TPR<\/a>) (luxury goods) announced a goodwill write-off of $211 million related to its line of Stuart Weitzman (shoes). Investors\u2019 reaction was swift and harsh, Tapestry\u2019s stock price decreased by 12.7% on the announcement day. There was other news in Tapestry\u2019s announcement that likely affected shareholders\u2019 reaction, but the goodwill write-off was definitely a contributing factor. Studies examining investors\u2019 reaction to goodwill write-offs report an average negative reaction of 3-5%. Why do I tell you this?<\/p>\n

Because in an interview with the\u00a0Wall Street Journal<\/em>\u00a0(January 4, 2021), the Financial Accounting Standards Board (FASB) chair stated that goodwill accounting will be a priority for the U.S. standard-setting body in 2021. Accounting\u00a0goodwill<\/em>, to remind you, is the difference between the total price paid in a corporate acquisition and the fair (market) value of the assets acquired minus liabilities. Goodwill, therefore, reflects the total value of the\u00a0unrecognized<\/em>\u00a0acquired assets \u2014 mostly intangible assets which are difficult to value separately, such as brands, big data, unique organizational capabilities (e.g., Amazon\u2019s (AMZN<\/a>) and Netflix\u2019s (NFLX<\/a>) recommendation algorithms), etc. In today\u2019s economy, the acquired assets \u201cburied\u201d in goodwill are among the main value-creators of enterprises.<\/p>\n

So, goodwill is an important asset! The problem is how to value goodwill on the balance sheet\u00a0after acquisition.<\/em>\u00a0Since the value of an asset depends on the future cash flows (or cost savings) it generates, and since in an uncertain business environment, particularly as related to intangible assets, no one knows how to reliably estimate future cash flows. The exact value of goodwill, post-acquisition, is difficult to impossible to estimate.<\/p>\n

That\u2019s the problem that has beset goodwill accounting for decades. Until 20 years ago, accounting rules mandated that the value of goodwill be amortized quarterly and annually on a straight-line basis, over no longer than 40 years. Since goodwill amortization is a charge to income (an expense), most companies chose the longest amortization period, generally 30 to 40 years to maximize reported earnings. This made a mockery of both the amortization expense in the income statement and the unamortized goodwill on the balance sheet, both often ignored by investors.<\/p>\n

In 2001, the FASB replaced the straight-line amortization rule with a requirement to annually determine whether goodwill was\u00a0impaired,<\/em>\u00a0namely whether the current value of goodwill is lower than its value on the balance sheet. If it\u2019s lower, then goodwill has to be written off to its current value, and the write-off amount has to be recognized as an expense, like Tapestry\u2019s $211 million goodwill write-off in 2020.\u00a0The Economist<\/em>\u00a0(Sept. 1, 2018) reported that for the top 500 European and the top 500 American firms, cumulative goodwill write-offs over the past 10 years amounted to $690 billion.<\/p>\n

But remember, it\u2019s very difficult to value goodwill. So, the goodwill issue remains a thorny one. The write-off amount is highly subjective, and research, unsurprisingly, shows that goodwill write-offs are sometimes manipulated (what\u2019s new, dealing with accounting data?) and are being delayed by managers.<\/p>\n

However, with all the dissatisfaction with goodwill write-offs, there are two undeniable facts:<\/p>\n

1. Managers do write-off impaired goodwill, with increasing amounts, as clearly portrayed by the following figure (an average write-off of $220 million in 2019). So, goodwill write-offs aren\u2019t ignored.<\/p>\n

2. Investors find goodwill write-offs as important, new information, indeed the\u00a0only information<\/em>, about the performance of past acquisitions. This is clearly indicated by the negative share price reaction to Tapestry\u2019s goodwill write-off that opens this article, and by the research generally showing a negative investors\u2019 reaction to goodwill write-offs.<\/p>\n

\"\"\/<\/figure>\n

Source: Feng Gu and Baruch Lev<\/em><\/p>\n

So, despite all the shortcomings of goodwill write-offs, which by the way are shared by other fair-value rulings of the FASB in the past quarter century (e.g., physical assets write-offs), they serve an important purpose for investors. In the current financial reports, which don\u2019t provide any meaningful information on the success or failure of corporate acquisitions \u2015 generally, the most consequential decisions made by managers \u2014 a goodwill write-off informs investors about a failure of an acquisition. Late, perhaps, but better late than never. Corporate managers, however, dislike goodwill write-offs, and claim that they are costly and meaningless.<\/p>\n

Back to the FASB. In the\u00a0Wall Street Journal<\/em>\u00a0interview mentioned above, the FASB chair stated that goodwill write-off is a top issue for 2021, and that while a final decision wasn\u2019t made yet, board members lean toward returning to the pre-2001 rule, of a straight-line amortization of goodwill, perhaps up to 10 years. Back to the future.<\/p>\n

This is, if implemented, a cave-in to managers and accountants who often prefer uninformative, uniform accounting rules over more complex, subjective, but meaningful standards that provide important information to investors.<\/p>\n

Rather than return to a trivial accounting rule (straight-line amortization), the FASB and its international counterpart, the IASB, should develop meaningful accounting standards for corporate acquisitions, particularly standards that allow investors to continuously track the\u00a0consequences<\/em>\u00a0(success or failure) of acquisitions, such as separating revenues, costs, and earnings to\u00a0organic<\/em>\u00a0(net of acquisitions), and the impact of recent acquisition on these financial statement items. Such a separation will enable investors and board members to assess the wisdom of managers\u2019 acquisitions.<\/p>\n

Investors agreeing with our point of view should lobby the FASB against the reversion of goodwill to meaningless accounting.<\/p>\n

Disclosure:<\/strong>\u00a0I\/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.<\/p>\n

Note: This post was first published\u00a0here<\/a>\u00a0at SeekingAlpha.com on Feb. 03, 2021.<\/em><\/p>\n

\t\t\t<\/p><\/div>\n\n","protected":false},"excerpt":{"rendered":"

By Feng Gu and Baruch Lev In April 2020, Tapestry, Inc. (TPR) (luxury goods) announced a goodwill write-off of $211 million related to its line of Stuart Weitzman (shoes). Investors\u2019 reaction was swift and harsh, Tapestry\u2019s stock price decreased by 12.7% on the announcement day. There was other news in Tapestry\u2019s announcement that likely affected […]<\/p>\n","protected":false},"author":1,"featured_media":110415,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11759],"tags":[12843,3767,14222,41770,11214,11425],"dealstore":[],"offerexpiration":[],"class_list":["post-110414","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-accounting","tag-accounting","tag-blog","tag-fasb","tag-goodwill","tag-lev","tag-reverse"],"yoast_head":"\nFASB To Reverse Goodwill Accounting \u2013 Lev End Of Accounting Blog - Som2ny Network<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fivemor.com\/?p=110414\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FASB To Reverse Goodwill Accounting \u2013 Lev End Of Accounting Blog - Som2ny Network\" \/>\n<meta property=\"og:description\" content=\"By Feng Gu and Baruch Lev In April 2020, Tapestry, Inc. (TPR) (luxury goods) announced a goodwill write-off of $211 million related to its line of Stuart Weitzman (shoes). Investors\u2019 reaction was swift and harsh, Tapestry\u2019s stock price decreased by 12.7% on the announcement day. There was other news in Tapestry\u2019s announcement that likely affected […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/fivemor.com\/?p=110414\" \/>\n<meta property=\"og:site_name\" content=\"Som2ny Network\" \/>\n<meta property=\"article:published_time\" content=\"2025-02-26T03:38:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/fivemor.com\/wp-content\/uploads\/2025\/02\/time-707642.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"674\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/fivemor.com\/?p=110414#article\",\"isPartOf\":{\"@id\":\"https:\/\/fivemor.com\/?p=110414\"},\"author\":{\"name\":\"admin\",\"@id\":\"https:\/\/fivemor.com\/#\/schema\/person\/b85e3c3dc0e1daea076524dc8810c371\"},\"headline\":\"FASB To Reverse Goodwill Accounting \u2013 Lev End Of Accounting Blog\",\"datePublished\":\"2025-02-26T03:38:43+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/fivemor.com\/?p=110414\"},\"wordCount\":921,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/fivemor.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/fivemor.com\/?p=110414#primaryimage\"},\"thumbnailUrl\":\"https:\/\/fivemor.com\/wp-content\/uploads\/2025\/02\/time-707642.jpg\",\"keywords\":[\"Accounting\",\"Blog\",\"FASB\",\"Goodwill\",\"Lev\",\"reverse\"],\"articleSection\":[\"Accounting\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/fivemor.com\/?p=110414#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/fivemor.com\/?p=110414\",\"url\":\"https:\/\/fivemor.com\/?p=110414\",\"name\":\"FASB To Reverse Goodwill Accounting \u2013 Lev End Of Accounting Blog - Som2ny Network\",\"isPartOf\":{\"@id\":\"https:\/\/fivemor.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/fivemor.com\/?p=110414#primaryimage\"},\"image\":{\"@id\":\"https:\/\/fivemor.com\/?p=110414#primaryimage\"},\"thumbnailUrl\":\"https:\/\/fivemor.com\/wp-content\/uploads\/2025\/02\/time-707642.jpg\",\"datePublished\":\"2025-02-26T03:38:43+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/fivemor.com\/?p=110414#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/fivemor.com\/?p=110414\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/fivemor.com\/?p=110414#primaryimage\",\"url\":\"https:\/\/fivemor.com\/wp-content\/uploads\/2025\/02\/time-707642.jpg\",\"contentUrl\":\"https:\/\/fivemor.com\/wp-content\/uploads\/2025\/02\/time-707642.jpg\",\"width\":674,\"height\":400},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/fivemor.com\/?p=110414#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/fivemor.com\/?bp_activities=1\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"FASB To Reverse Goodwill Accounting \u2013 Lev End Of Accounting Blog\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/fivemor.com\/#website\",\"url\":\"https:\/\/fivemor.com\/\",\"name\":\"Som2ny Network\",\"description\":\"Daily Deals\",\"publisher\":{\"@id\":\"https:\/\/fivemor.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/fivemor.com\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/fivemor.com\/#organization\",\"name\":\"Som2ny Network\",\"url\":\"https:\/\/fivemor.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/fivemor.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/fivemor.com\/wp-content\/uploads\/2026\/07\/4a0953c4-logo-300x86-1.png\",\"contentUrl\":\"https:\/\/fivemor.com\/wp-content\/uploads\/2026\/07\/4a0953c4-logo-300x86-1.png\",\"width\":300,\"height\":86,\"caption\":\"Som2ny Network\"},\"image\":{\"@id\":\"https:\/\/fivemor.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/fivemor.com\/#\/schema\/person\/b85e3c3dc0e1daea076524dc8810c371\",\"name\":\"admin\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/fivemor.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/729ae85bf62b9917e93538db2f2688ca?s=96&r=g&default=https%3A%2F%2Ffivemor.com%2Fwp-content%2Fplugins%2Fbuddypress-first-letter-avatar%2Fimages%2Fdefault%2F96%2Flatin_a.png\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/729ae85bf62b9917e93538db2f2688ca?s=96&r=g&default=https%3A%2F%2Ffivemor.com%2Fwp-content%2Fplugins%2Fbuddypress-first-letter-avatar%2Fimages%2Fdefault%2F96%2Flatin_a.png\",\"caption\":\"admin\"},\"sameAs\":[\"https:\/\/fivemor.com\"],\"url\":\"https:\/\/fivemor.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"FASB To Reverse Goodwill Accounting \u2013 Lev End Of Accounting Blog - Som2ny Network","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/fivemor.com\/?p=110414","og_locale":"en_US","og_type":"article","og_title":"FASB To Reverse Goodwill Accounting \u2013 Lev End Of Accounting Blog - Som2ny Network","og_description":"By Feng Gu and Baruch Lev In April 2020, Tapestry, Inc. (TPR) (luxury goods) announced a goodwill write-off of $211 million related to its line of Stuart Weitzman (shoes). Investors\u2019 reaction was swift and harsh, Tapestry\u2019s stock price decreased by 12.7% on the announcement day. There was other news in Tapestry\u2019s announcement that likely affected […]","og_url":"https:\/\/fivemor.com\/?p=110414","og_site_name":"Som2ny Network","article_published_time":"2025-02-26T03:38:43+00:00","og_image":[{"width":674,"height":400,"url":"https:\/\/fivemor.com\/wp-content\/uploads\/2025\/02\/time-707642.jpg","type":"image\/jpeg"}],"author":"admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"admin","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/fivemor.com\/?p=110414#article","isPartOf":{"@id":"https:\/\/fivemor.com\/?p=110414"},"author":{"name":"admin","@id":"https:\/\/fivemor.com\/#\/schema\/person\/b85e3c3dc0e1daea076524dc8810c371"},"headline":"FASB To Reverse Goodwill Accounting \u2013 Lev End Of Accounting Blog","datePublished":"2025-02-26T03:38:43+00:00","mainEntityOfPage":{"@id":"https:\/\/fivemor.com\/?p=110414"},"wordCount":921,"commentCount":0,"publisher":{"@id":"https:\/\/fivemor.com\/#organization"},"image":{"@id":"https:\/\/fivemor.com\/?p=110414#primaryimage"},"thumbnailUrl":"https:\/\/fivemor.com\/wp-content\/uploads\/2025\/02\/time-707642.jpg","keywords":["Accounting","Blog","FASB","Goodwill","Lev","reverse"],"articleSection":["Accounting"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/fivemor.com\/?p=110414#respond"]}]},{"@type":"WebPage","@id":"https:\/\/fivemor.com\/?p=110414","url":"https:\/\/fivemor.com\/?p=110414","name":"FASB To Reverse Goodwill Accounting \u2013 Lev End Of Accounting Blog - Som2ny Network","isPartOf":{"@id":"https:\/\/fivemor.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/fivemor.com\/?p=110414#primaryimage"},"image":{"@id":"https:\/\/fivemor.com\/?p=110414#primaryimage"},"thumbnailUrl":"https:\/\/fivemor.com\/wp-content\/uploads\/2025\/02\/time-707642.jpg","datePublished":"2025-02-26T03:38:43+00:00","breadcrumb":{"@id":"https:\/\/fivemor.com\/?p=110414#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/fivemor.com\/?p=110414"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/fivemor.com\/?p=110414#primaryimage","url":"https:\/\/fivemor.com\/wp-content\/uploads\/2025\/02\/time-707642.jpg","contentUrl":"https:\/\/fivemor.com\/wp-content\/uploads\/2025\/02\/time-707642.jpg","width":674,"height":400},{"@type":"BreadcrumbList","@id":"https:\/\/fivemor.com\/?p=110414#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/fivemor.com\/?bp_activities=1"},{"@type":"ListItem","position":2,"name":"FASB To Reverse Goodwill Accounting \u2013 Lev End Of Accounting Blog"}]},{"@type":"WebSite","@id":"https:\/\/fivemor.com\/#website","url":"https:\/\/fivemor.com\/","name":"Som2ny Network","description":"Daily Deals","publisher":{"@id":"https:\/\/fivemor.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/fivemor.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/fivemor.com\/#organization","name":"Som2ny Network","url":"https:\/\/fivemor.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/fivemor.com\/#\/schema\/logo\/image\/","url":"https:\/\/fivemor.com\/wp-content\/uploads\/2026\/07\/4a0953c4-logo-300x86-1.png","contentUrl":"https:\/\/fivemor.com\/wp-content\/uploads\/2026\/07\/4a0953c4-logo-300x86-1.png","width":300,"height":86,"caption":"Som2ny Network"},"image":{"@id":"https:\/\/fivemor.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/fivemor.com\/#\/schema\/person\/b85e3c3dc0e1daea076524dc8810c371","name":"admin","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/fivemor.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/729ae85bf62b9917e93538db2f2688ca?s=96&r=g&default=https%3A%2F%2Ffivemor.com%2Fwp-content%2Fplugins%2Fbuddypress-first-letter-avatar%2Fimages%2Fdefault%2F96%2Flatin_a.png","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/729ae85bf62b9917e93538db2f2688ca?s=96&r=g&default=https%3A%2F%2Ffivemor.com%2Fwp-content%2Fplugins%2Fbuddypress-first-letter-avatar%2Fimages%2Fdefault%2F96%2Flatin_a.png","caption":"admin"},"sameAs":["https:\/\/fivemor.com"],"url":"https:\/\/fivemor.com\/?author=1"}]}},"_links":{"self":[{"href":"https:\/\/fivemor.com\/index.php?rest_route=\/wp\/v2\/posts\/110414","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/fivemor.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/fivemor.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/fivemor.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/fivemor.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=110414"}],"version-history":[{"count":0,"href":"https:\/\/fivemor.com\/index.php?rest_route=\/wp\/v2\/posts\/110414\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/fivemor.com\/index.php?rest_route=\/wp\/v2\/media\/110415"}],"wp:attachment":[{"href":"https:\/\/fivemor.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=110414"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fivemor.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=110414"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fivemor.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=110414"},{"taxonomy":"dealstore","embeddable":true,"href":"https:\/\/fivemor.com\/index.php?rest_route=%2Fwp%2Fv2%2Fdealstore&post=110414"},{"taxonomy":"offerexpiration","embeddable":true,"href":"https:\/\/fivemor.com\/index.php?rest_route=%2Fwp%2Fv2%2Fofferexpiration&post=110414"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}