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3731 Exam 2 Goodwill Impairment
Terms in this set (8)
goodwill impairment losses are reported in the...
operating section of the income statement
the residual value remaining after the acquisition cost in a business combination is assigned to the fair values of tangible and identifiable intangible assets acquired net of liabilities assumed
goodwill should be tested for impairment...
annually, at least
frequent testing is recommended when new events or changing circumstances occur...
- significant downturn in the business climate
- adverse legal or regulatory outcomes
- unanticipated new competition
- loss of key personnel
- expectation that a reporting unit will be sold
NO goodwill impairment occurs when...
the fair value exceeds the book value
goodwill impairment occurs when...
the fair value is less than the book value
when goodwill impairment occurs, the reporting unit's net assets must be written down to...
goodwill impairment formula
(FV of rep. unit) - (all identifiable assets) = (implied fair value of goodwill) - (goodwill amount before impairment) = impairment loss
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