Goodwill – convergence or divergence?

Multiple-choice questions: In order to be awarded CPD units you must answer the following five random questions correctly. If you fail the test, please re-read the article before attempting the questions again

  1. How are the IFRS and US standards on leases diverged?

  2. What is the US Standard-setting body called?

  3. Which, if any, of the following areas are currently being suggested by the FASB? Area 1 - Introduce amortisation of goodwill, or Area 2 - Amortise goodwill over a 10-year period unless a firm can show a reason for another period

  4. Which of the following features represents the FASB's next steps?

  5. Which of the following describes the current IASB approach from the 2020 Discussion Paper in respect of amortisation?

  6. Which of the following identifies the current thoughts on the timing of impairment reviews?

  7. Which, if any, of the following statements is correct? Statement 1 - Both bodies are looking to overhaul the components of the impairment calculation, or Statement 2 - The IASB are proposing a new calculation based on the 'pre-acquisition headroom' approach

  8. How many IASB board members voted against the introduction of amortisation?

  9. Which, if any, of the following statements is/are true? Statement 1 - The IASB will ask the board for a decision on the reintroduction of goodwill impairment, or Statement 2 - Both boards received similar feedback regarding the amortisation/impairment discussion

  10. Which of these is NOT a reason suggested for introducing amortisation of goodwill?

1 Unit