Which of the following statements does not accurately describe the current accounting standards for goodwill?

Multiple Choice

• Goodwill should be tested for impairment on at least an annual basis and in certain conditions between annual dates.

• If the fair value of the reporting unit is less than its book value there will always be a goodwill impairment.

• Goodwill should not be amortized.

• If the fair value of the reporting unit is greater than its book value there is not a goodwill impairment.