The accounting for goodwill has been a contentious and much-debated topic for a

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The accounting for goodwill has been a contentious and much-debated topic for a long time.
As you learned in Chapter 11, under current GAAP, Goodwill is considered an intangible asset with an indefinite life and is, therefore, not amortized. Rather, Goodwill is to be tested annually, or more frequently if events or changes in circumstances indicate, to determine whether the asset is impaired (i.e., the fair value of the asset is less than its book value). If, through that testing, the asset is determined to be impaired, an impairment loss is to be recorded.
Recently, the Financial Accounting Standards Board (FASB) has reconsidered the accounting for Goodwill. In July 2019, the FASB invited public comment about whether public companies should be required to amortize Goodwill. This latest development has reignited the debate over the proper accounting for Goodwill.
Read the article entitled The Challenge of Accounting for Goodwill in the November 2019 issue of the CPA Journal available at https://www.cpajournal.com/2019/11/27/the-challenge-of-accounting-for-goodwill/ .
If your last name begins with a letter A-G you will take the position that Goodwill should not be amortized as per current GAAP. If your last name begins with a letter H-Z you will take the position that Goodwill should be amortized as currently under consideration by the FASB.
Each student will argue their assigned position on the issue in their first post. Arguments should be detailed and well-reasoned with supporting evidence.
In the second and any subsequent posts, students will engage in a discussion of the issue by responding to arguments made in the other student’s first post.
Discussion Questions/Requirements
Explain in your own words what Goodwill mainly represents?
Given that explanation, present your arguments for the position you have been assigned, citing any resources you use in the preparation of your case.
If you conclude that the other position is a better method of accounting for Goodwill, you may say so, but not until your second post. If you do, you must explain your reasoning.

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