Goodwill Has to Be Evaluated for Impairment Once a Year

question 86

True/False

Goodwill has to be evaluated for impairment once a year and not necessarily at the balance sheet date.However,the date for evaluation has to be consistently applied.

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Definitions:

Collective Bargaining Agreements

Contracts between employers and a group of employees, represented by a union, detailing the terms of employment, wages, benefits, and working conditions.

Certification Election

A voting process used by employees in a workplace to determine whether they wish to be represented by a labor union.

Union Grievance

A formal complaint filed by an employee or union against an employer, claiming violation of a collective bargaining agreement.

Arbitration

A form of dispute resolution where an impartial third party, the arbitrator, makes a decision on a dispute outside the court system.