Jennings Corporation is a publicly traded corporation with a June $30$th fiscal year end. Jennings has acquired several businesses in the last $5$ years and recognized goodwill. Jennings Corporation is aware that it needs to test the goodwill for impairment each year but is unsure if the testing needs to be as of June $30$th or if the company can select an alternative date?

Accounting Issue: Can Jennings Corporation select an alternative date to test for goodwill impairment?

 

 a$.$  Codification Reference.  

 

 

 b$.$  Your interpretation of the guidance.