Motivations for using qualitative test for impairment

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Reference no: EM13873336

Questions are around the topic of Impairment Testing and historical cost concept regarding goodwill. Please assist in answering all questions..

1) Defines impairment, goodwill and qualitative assessment.

2) Provide impairment and an explanation of its impact on financial statements.

3) What are the benefits of impairment recording to financial statement users.

4) What are the qualitative assessment option and the factors entities should consider before performing a qualitative assessment?

5) What are the motivations for using a qualitative test for impairment?

6) What are the impairment testing will impact the firm and users of financial statements.

Reference no: EM13873336

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