Good Will Assignment Example | Topics and Well Written Essays - 250 words

Good Will - Assignment Example The total of fair values includes liabilities assumed and the recognized intangible assets. When the amount of goodwill is negative, that is when the purchase consideration is less than the total fair value of acquired assets, the excess is said to be profit (Deloitte 2014). 1. The firm calculates the fair value of a reporting unit. It compares the fair value with the carrying amount of the unit. When the carrying amount is more than the fair value, the firm proceeds to the second step (Brice 2014). Accountants who perform personal tax returns are the de facto first line in the implementation of the individual mandate. Insurance accountants will question clients if they possess health insurance. The accountants calculate fines for clients who lack the insurance as per the law. The new healthcare puts insurance accountants in political conversations that did not exist before. It requires them to remain privy regarding their clients compliance with the law (White 2014). Brice, Steven. "Procedural Differences in Impairment Testing." American Institute of CPA. N.p., 23 Mar. 2009. Web. 14 Apr. 2014. . Tilly, Baker. "FASB issues simplified standards for goodwill impairment testing." insights. N.p., 1 Jan. 2011. Web. 14 Apr. 2014. . White, Dennis. "CPAs Examine Impact of Health Care Decision." AccountingWEB. N.p., 25 July 2012. Web. 14 Apr. 2014.