A. Both partnership accounting and accounting for equity investments require the calculation of goodwill in certain circumstances. What exactly is goodwill? Using GAAP pronouncements perform research and explain exactly what is goodwill? Historically what have been some of the theoretical discussions on what goodwill represents. What do you think good will represents when it is put the balance sheet for a consolidated entity or partnership? What is the rational for the use of impairment versus amortization to allocate goodwill cost to the income statement? Find an example of a publicly traded company that has reported impairment losses. Please reference the FASB statement used to support your conclusion.