1. So far in the course, we have dealt with primarily two consolidation methods: acquisition and purchase. In both cases, upon acquisition, goodwill may be created. What does goodwill represent? Under SFAS 142, we are required to test goodwill for impairment at least annually. How is this done? Is impairment of goodwill reversible under U.S. GAAP? How about under IFRS? (Refer to FASB Topic 350, “Intangibles-Goodwill and Other,” and IAS36 “Impairment of Assets.”)
2. what are some of the complexities of accounting for goodwill in practice?
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