8.6 Testing for Goodwill Impairment. Goodwill is an intangible asset that firms report on their balance sheets as a result of acquiring other firms. Goodwill generally has an indefinite life and should not be amortized, but it should be tested for impairment at least annually. As of the writing of this text, the goodwill impairment testing process is changing in the U.S. Describe the old and new procedures prescribed by U.S. GAAP to test for goodwill impairment