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Aisling Making

In: Business and Management

Submitted By aisling
Words 395
Pages 2
1.Entities that elect the accounting alternative for goodwill must disclose all of the following, EXCEPT:
A. The aggregate amount of goodwill,net of accumulated amortization and impairment in the statement of financial position.
B. The amortization and related impairment recorded during a period in the statement of cash flows prepared using the direct method.
C. The amortization and related impairment recorded during a period in the statement of cash flows prepared using the indirect method.
D. The amortization and related impairment recorded during a period in the income statement.

2. The amendments in this Update do not advance the convergence of Topic 350 and IAS 36 relating to how an entity tests goodwill for impairment.
A. True
B. False

3. Which of the following is not true?
A. The goodwill impairment loss cannot exceed the entity’s (or the reporting unit’s) carrying amount of goodwill.
B. During the goodwill impairment test, if the qualitative assessment indicates that it is not more likely than not that goodwill is impaired, further testing is unnecessary.
C. A company that is eligible to choose and selects the amortization method, is no longer required to test goodwill for impairment.
D. The amendments in this Update will not result in a loss of relevant information for users of private company financial statements.

4. For each goodwill impairment loss recognized, the following information shall be disclosed in the notes to the financial statements EXCEPT:

A. The caption in the balance sheet in which the impairment loss is included.
B. The method of allocating the impairment loss to the individual amortizable units of goodwill.
C. A description of the facts and circumstances leading to the impairment.
D. The amount of the impairment loss and the method of determining the fair value of the entity or the reporting unit

5. An entity…...

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