Project #48341 - Advance Financial Accounting

3123 Fall 2014 Advanced Financial Accounting Semester Project

 

Part A

In class, Manry discussed the proper reporting of consolidated goodwill; in particular, he indicated that goodwill is not to be amortized in financial statements.  It is possible, however, that he simply made the whole thing up.

 

 

Was he correct, or not?  State your answer, and provide a cite (copied and pasted from authoritative FASB.org literature) supporting your position.

 

You must answer the question by writing a 2-paragraph memo addressed to me (assume I am your client, and I have made this potentially dangerous “no-amortize” claim to you).    You must state your answer, and include a cite (copy, paste, and cite actual paragraphs from financial accounting pronouncements you find on the FASB.org website) of the specific guidance that supports your position (assuming you can find any).  Your answer to this part must be a hardcopy printout of your memo with a hardcopy printout attached of the actual paragraphs from financial accounting pronouncements).

 

 

[Go to FASB.org/home and click on ‘advanced search’ near the little window in the upper right-hand portion of the home page. Check the following search targets only: standards and include documents. Then put some key words in the little window on the page & get ready for some exciting reading.]

Subject Business
Due By (Pacific Time) 11/21/2014 12:00 am
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