Goodwill is an intangible asset that firms report on their balance sheets as a result of acquiring

Question:

is an intangible asset that firms report on their balance sheets as a result of acquiring other firms. generally has an indefinite life and should not be amortized, but should be tested for impairment at least annually. Describe the procedures prescribed by U.S. and IFRS to test for goodwill impairment. How do these procedures differ from the procedure followed for testing the impairment of a patent, which is an intangible asset with a definite life?

Goodwill
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Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the...