Submit an outline and questions for your Portfolio Project. Prepare and submit the following in a Word document:
Your outline and questions should be two pages in length, not including the required title and reference pages (citing at least 3 source), and must be formatted according to the APA format.
Portfolio Project Description
Codification to Research a Complex Accounting Issue: The Case of Goodwill Impairment at Jackson Enterprises
Note: The two-step impairment test was US GAAP at December 31, 2014, which is the key date for this case study. The FASB has since issued Accounting Standards Update (ASU) 2017-04, which eliminate Step 2 of the impairment test. However, for answer the requirements of this case study below, please perform the two-step impairment text which was US GAAP at December 31, 2014. For your information, today, the quantitative impairment test now includes only one step, which is the comparison of the carrying value to the fair market value of the reporting unit, with the difference representing the recognized goodwill impairment. While the quantitative aspect of the test has changed under ASU 2017-04, the FASB did not remove the preliminary, qualitative assessment option to determine the appropriateness of the quantitative test.
Read the Case of Goodwill Impairment at Jackson Enterprises (link below). After reading the case study, answer the questions provided.
Financial reporting personnel at Jackson Enterprises (JE) are in the process of completing year-end activities, including necessary adjusting of entries to the consolidated financial statements. While JE has not previously believed it necessary to adjust its recognized goodwill from the Dynamic and ZD acquisitions, the valuation of goodwill is, nonetheless, a prominent concern in the closing process. Assume you are asked to research the financial statement issues surrounding the goodwill recorded for the Dynamic and ZD subsidiaries.
Prepare a paper to address the questions below. In memorandum format, detail the issues involved, the judgements you made based on authoritative literature, and your recommendations for the direction of the goodwill valuation as it relates to Dynamic and ZA. In other words, does the evidence suggest further action is required in determining the appropriate valuation of good will? If so, what steps need to be taken?
Note: Remember that textbooks are not considered authoritative guidance in accounting research.
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