In this lesson, plunge into the intricacies of Goodwill impairment with Nick Palazzolo, CPA, as he demystifies the process under US GAAP. Discover how and when to apply qualitative and quantitative tests for determining the necessity of the impairment test. Nick guides through the evaluation of macroeconomic conditions, entity-specific events, industry trends, and cost factors that might signal the need for a Goodwill impairment test. He makes sense of the scenarios when it's crucial to crunch the numbers, explaining the threshold for when to proceed with the quantitative approach. The lesson wraps up with a clear breakdown of the differences in impairment testing for intangible assets with finite lives, involving amortization and a two-step test, versus those with indefinite lives, which undergo a fair value test.
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