(1) Why is Goodwill no longer amortized? What FASB Statement dictated as such? (2) Since Goodwill...

(1) Why is Goodwill no longer amortized? What FASB Statement dictated as such?

(2) Since Goodwill is no longer amortized, how is it's 'book value' measured? Be specific as to what needs to be done and how it is done. Include each step in detail, including guidelines for frequency.

Expert Solution

ekkarill92 answered 2 years ago

1. What is goodwill, or in your experience what does Goodwill mainly represent? 2. Does the...

1. What is goodwill, or in your experience what does Goodwill mainly represent? 2. Does the benefit of the information provided by the current goodwill impairment model justify the cost of providing that information? Please explain why or why not in the context of costs and benefits. 3. On a cost-benefit basis, relative to the current impairment-only model, do you support (or oppose) goodwill amortization with impairment testing? Please explain why in your response. 4. If the board were to...

1. Why is the Statement of Cash Flows useful? 2. What information does the Statement of...

1. Why is the Statement of Cash Flows useful? 2. What information does the Statement of Cash Flows provide you with? 3. Identify and discuss the three different types of activities that are reported on the Statement of Cash Flows.

Is the FASB responsible for government accounting? if not, why not? if so why? What are...

Is the FASB responsible for government accounting? if not, why not? if so why? What are the two primary sets of financial statements? why are there two sets? what is the difference with respect to the needs of key stakeholders?

1. What is the mission of the Financial Accounting Standard Board (FASB) 2. What are GAAP?...

1. What is the mission of the Financial Accounting Standard Board (FASB) 2. What are GAAP? Why do we need to ponder over the levels of GAAP to do accounting work?

Why are some intangible assets not amortized and what is the implication be to the financial...

Why are some intangible assets not amortized and what is the implication be to the financial statements?

These questions reference the chapter 17 Goodwill Discussion questions 1. Why does Goodwill utilize performance ratio...

These questions reference the chapter 17 Goodwill Discussion questions 1. Why does Goodwill utilize performance ratio analysis? 2. Identify the three major financial statements prepared by the not-for-profit organization Goodwill. What’s the key difference between assets and liabilities? Which of the key financial statements features these categories prominently? 3. Identify the six steps in the accounting cycle. What are the key reasons that firms do ratio analysis?

1) What is the purpose of Statement of Cash Flows? 2) Why do we need Statement of Cash Flows?

1) What is the purpose of Statement of Cash Flows? 2) Why do we need Statement of Cash Flows? 3)Statement of Cash Flows tracks net changes in cash flow. Transactions are grouped into 3 categories, Operating, Financing and Investing. Provide one sample transaction for Financial Activity Cash Inflow. (i.e. borrow $5000 from the bank) Provide one sample transaction for Investing Activity Cash Outflow. (i.e. purchase a truck) 4) Companies prefer the Indirect Method for Operating activity. What is the...

2. What are the three steps to goodwill impairment test and are they optional?

1, what is the tokyo agreement? (200 words) 2,how is goodwill measured in a business combination...

1, what is the tokyo agreement? (200 words) 2,how is goodwill measured in a business combination with a non controlling interest? (200 words)

1. Is it better to have a longer or shorter cash conversion cycle? Explain. 2. What...

1. Is it better to have a longer or shorter cash conversion cycle? Explain. 2. What is the goal of inventory management? 3. List one advantage and one disadvantage of using short-term debt to finance permanent current assets. 4. True or False. The effective rate on a discount loan is always higher than the rate on an otherwise similar simple interest loan. 5. Explain what the Economic Ordering Quantity (EOQ) model does.

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