Are firms required to test goodwill acquired in a business combination for impairment on an annual basis?

Question:

Are firms required to test acquired in a business combination for impairment on an annual basis? Explain.
Goodwill
Goodwill is an important concept and terminology in accounting which means good reputation. The word goodwill is used at various places in accounting but it is recognized only at the time of a business combination. There are generally two types of...