Describe the procedures prescribed by us gaap and ifrs

Reference no: EM13902191

TESTING FOR GOODWILL IMPAIRMENT. Goodwill is an intangible asset that firms report on their balance sheets as a result of acquiring other firms. Goodwill generally has an indefinite life and should not be amortized, but should be tested for impairment at least annually. Describe the procedures prescribed by U.S. GAAP and IFRS to test for goodwill impairment. How do these procedures differ from the procedure followed for testing the impairment of a patent, which is an intangible asset with a definite life?

Reference no: EM13902191

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