Goodwill arises in a business combination and represents the difference between the purchase price and the fair value of the net assets acquired. Under U.S. GAAP, goodwill is not amortized; therefore, it is required to be tested for impairment on an annual basis at the reporting unit level in accordance with ASC 350. In this CPE-eligible, eLearning course (1.0 CPE) we discuss how to identify a reporting unit and the process for allocating goodwill amongst the various reporting units. Once this allocation is done, we dive into the requirements for testing goodwill for impairment. With over $3.5 trillion of goodwill sitting on corporate balance sheets, this online course is a must for any accounting responsible for financial reporting or auditing U.S. GAAP financial statements!