During 2021, Simpson Limited estimated that the carrying amount of goodwill was impaired by $20 000. In 2022, the company reassessed goodwill and determined that the goodwill initially acquired still existed. The appropriate accounting treatment in 2022 is:

Question

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Under AASB 136 Impairment of Assets, once an impairment loss is recognized for goodwill, it cannot be reversed in subsequent periods. This standard prohibits the reversal of impairment losses for goodwill, even if its value increases in later periods.

During 2021, Simpson Limited Estimated That the Carrying Amount of Goodwill