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Basic Question 1 of 7

What is the maximum period over which a company may amortize the cost of goodwill for financial reporting?

A. Five years
B. 40 years
C. It is not amortized.

User Contributed Comments 3

User Comment
teddajr Goodwill is not amortized, but is subject to impairment test (annually).
YOUCANDOIT impairment occurs when fair value < carrying value of goodwill
Inaganti6 @Youcandoit awful kind of you to motivate strangers
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I just wanted to share the good news that I passed CFA Level I!!! Thank you for your help - I think the online question bank helped cut the clutter and made a positive difference.
Edward Liu

Edward Liu

Learning Outcome Statements

explain the financial reporting and disclosures related to goodwill

CFA® 2025 Level I Curriculum, Volume 2, Module 3.