Week 08 Discussion - Goodwill Accounting for goodwill changed in June 2001 for financial reporting purposes in the United States. Differences in reporting still exist throughout the world. Conduct research to determine how goodwill is reported in the financial statement of the country that you chose for your final project. For your main post, summarize the source and add a short paragraph stating how this method of financial reporting impacts the financial statements. What are the similarities and differences in reporting for goodwill between the United States and your chosen country? How does this affect the bottom line of your company? The reporting of goodwill in China is reported using GAPP standards. This means that goodwill is no longer amortized and is now tested for impairment annually. Goodwill impairment is the
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