Recent change in goodwill accounting: Elimination of amortization of goodwill (Refer to Case, SFAS No. 142, and what you studied in ACCT 800 (or ACCT 301), and conduct own research)
• Briefly explain when goodwill arises.
• (Address using the case) What was the fair market value of identifiable net assets that Talbots, Inc. acquired from J. Jill?
• (Address using the case) Why was Talbots, Inc. willing to pay more than the fair market value of the identifiable net assets acquired from J. Jill?
• Based on SFAS No. 142 and your own research, summarize recent elimination of amortization of goodwill including (but not limited to) rationale behind elimination of amortization of goodwill.
