If a company acquires goodwill in connection with the acquisition of a business,the goodwill is amortizable over a 60-month period.

Name: If a company acquires goodwill in connection with the acquisition of a business,the goodwill is amortizable over a 60-month period.
Brand: Quizplus
Rating: 4.9 (28 reviews)

Question

Quizplus · Accepted Answer

Goodwill is no longer amortized over a fixed period of time under current accounting standards (ASC 350). Instead, it is tested for impairment annually and written down as necessary.

If a Company Acquires Goodwill in Connection with the Acquisition