Question

How often should goodwill acquired in a business combination be tested for impairment?

Answer 1

Answer:

U.S. generally accepted accounting principles (GAAP) require companies to review their goodwill for impairment at least annually at a reporting unit level. 3 Events that may trigger goodwill impairment include deterioration in economic conditions, increased competition, loss of key personnel, and regulatory action.

Answer 2

Answer:

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