-Defines impairment, goodwill and qualitative assessment.
-Provide a journal entry to record impairment and an explanation of its impact on financial statements.
-Discuses the benefits of impairment recording to financial statement users.
-Discusses the qualitative assessment option and the factors entities should consider before performing a qualitative assessment.
-Discusses the motivation for using a qualitative test for impairment.
-Discusses how impairment testing will impact the firm and users of financial statements.