Goodwill question

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  • May 13, 2015 at 4:03 pm #193962
    Anonymous
    Inactive

    Hi,

    Can please someone tell me if goodwill is amortized? I study with Becker and it says that it is not amortized because it has indefinite life.

    But if you get goodwill through purchase then it’s capitalized, so not sure if it has to be capitalized in this case.

    Thank you!

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  • May 13, 2015 at 4:07 pm #665407
    Anonymous
    Inactive

    not amortized, but could be impaired

    May 13, 2015 at 4:09 pm #665408
    Anonymous
    Inactive

    Thank you

    May 13, 2015 at 5:51 pm #665409
    y_u_no_pass
    Participant

    Unless you are studying REG…

    Florida CPA!
    Took final exam 2/25/15.
    Sent in Application 3/12/15.
    Issued License 3/20/15.
    Used CPA Excel solely for all exams.

    May 14, 2015 at 5:35 am #665410
    sdguy
    Participant

    Goodwill is amortized for tax. It is NOT amortized for GAAP, only tested fir impairment.

    AUD: 83
    FAR: 77
    REG: 86
    BEC: 86

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