2) Kevin a CFO of Durant Co. identified five reporting units for goodwill annual impairment test....

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2) Kevin a CFO of Durant Co. identified five reporting units for goodwill annual impairment test. Kevin knows that goodwill impairment test is a time consuming process. Therefore, he suggested to the controller of Durant Co. to start testing for impairment the first two reporting units and only after that to test for impairment the remaining three reporting units. The Controller thinks that all the reporting units must be tested for impairment simultaneously. Research and cite a specific paragraph in the Accounting Standard Codification that can help to determine whether all the reporting units of a public company must be tested for impairment at the same time. Unless specifically requested, your response should not cite implementation guidance and illustrations. FASB ASC 2) Kevin a CFO of Durant Co. identified five reporting units for goodwill annual impairment test. Kevin knows that goodwill impairment test is a time consuming process. Therefore, he suggested to the controller of Durant Co. to start testing for impairment the first two reporting units and only after that to test for impairment the remaining three reporting units. The Controller thinks that all the reporting units must be tested for impairment simultaneously. Research and cite a specific paragraph in the Accounting Standard Codification that can help to determine whether all the reporting units of a public company must be tested for impairment at the same time. Unless specifically requested, your response should not cite implementation guidance and illustrations. FASB ASC

Answer rating: 100% (QA)

Answer FASB ASC 35020353 states that An entity shall test goodwill for impairment at the reporting u... View the full answer