FINANCIAL ACCOUNTING ISSUES [MEMO]

In your own words write a memo to your colleagues at the accounting firm for which you work (this is just pretend, most students are not currently working for an accounting firm, use your imagination to make up a name and letterhead for your accounting firm) explaining the issues of the IFRS Goodwill and Impairment Project (this is relevant to Topic 1 Part 2, Topic 2 and Topic 3) and advise which approach to accounting for goodwill at reporting dates subsequent to acquisition the firm should support. Although the project covers various aspects of Goodwill and Impairment your memo is to focus on subsequent
accounting for goodwill (including the relative merits of an impairment-only approach and an amortisation and impairment approach).

You are also required to draft a short letter to one of the firm’s clients who may be affected by the IFRS project. The client currently has goodwill recorded at $10 million as the result of

purchasing a subsidiary five years ago. The client makes about $3 million profit each year. The client has not impaired the goodwill since the date of acquisition. (Use your imagination
for the client’s industry and name).

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