Title: ACC 440 Week 1 Discussion Questions DQs Sample content: Week 1 DQs What is the significance of goodwill in the consolidation process? Why is it necessary to determine goodwill impairment? Do you agree with the change in accounting for goodwill? Why or why not? The FASB has said that a good reputation is definitely an asset symbolizing the future economical advantages as a result of other assets developed in a business combination which are not separately identified and individually recognized. While consolidating the fiscal reports of more than one companies into a single set of fiscal reports it is necessary, not to reveal very important, to consolidate all assets, debts, expenditures, and revenues. In case any main factor of any of the companies is left out, i.e. a good reputation, the consolidated reports wont correctly show the firms wealth. In case a good reputation isnt contained in the parent companys consolidated reports, in that case they wont know the goodwill of its subsidiaries, leading to various (incorrect) amounts to be mentioned for the value of the subsidiary. One thing to notice is the fact that as the parent company must know its subsidiaries goodwill, the goodwill itself is just of value to the subsidiary that has it; to put it differently with no subsidiary, there isnt any go

1. ACC 440 Week 1 Discussion Questions DQs
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2. ACC 440 Week 1 Discussion Questions DQs
Sample content:
Week 1 DQs What is the significance of goodwill in the consolidation process?
Why is it necessary to determine goodwill impairment? Do you agree with the
change in accounting for goodwill? Why or why not? The FASB has said that a
good reputation is definitely an asset symbolizing the future economical
advantages as a result of other assets developed in a business combination which
are not separately identified and individually recognized. While consolidating the
fiscal reports of more than one companies into a single set of fiscal reports it is
necessary, not to reveal very important, to consolidate all assets, debts,
expenditures, and revenues. In case any main factor of any of the companies is left
out, i.e. a good reputation, the consolidated reports wont correctly show the firms
wealth. In case a good reputation isnt contained in the parent companys
consolidated reports, in that case they wont know the goodwill of its subsidiaries,
leading to various (incorrect) amounts to be mentioned for the value of the
subsidiary. One thing to notice is the fact that as the parent company must know its
subsidiaries goodwill, the goodwill itself is just of value to the subsidiary that has it;
to put it differently with no subsidiary, there isnt any go
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