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Goodwill impairment losses are reported as other comprehensive income. True False

Goodwill impairment losses are reported as other comprehensive income.

True False

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Goodwill impairment losses are reported as other comprehensive income-FALSE

If goodwill has been assessed and identified as being impaired, the full impairment balance must be immediately written off as a loss. An impairment is recognized as a loss on the income statement and as a reduction in the goodwill account. The amount that should be recorded as a loss is the difference between the current fair market value of the asset and its carrying value or amount

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