Any goodwill arising on a business combination is required to be tested at least annually for impairment.This requirement arises from the operation of:
A) AASB 116 Property, Plant and Equipment.
B) AASB 3 Business Combinations.
C) AASB 138 Intangible Assets.
D) AASB 136 Impairment of Assets.

Question

Quizplus · Accepted Answer

Goodwill, as an intangible asset, is specifically addressed under AASB 136 Impairment of Assets, which requires that goodwill acquired in a business combination be tested for impairment at least annually.

Any Goodwill Arising on a Business Combination Is Required to Be