As you have learned the excess value assigned to a specific asset is amortized over the asset revised useful life. Many investors, including Warren Buffet,belief this is faulty accounting. They believe forcing companies to amortize the excess purchase price bears no resemblance to the economic reality of the transactions. The FASB has also discussed the above issue in their simplification project.

REQUIRED: Prepare a short opinion piece (one to two pages) discussing the above issue and your position. Ensure you discuss the financial statement impact