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Management must review the asset value of Goodwill every year to determine if it is still a legitimate asset. If it is not, the asset must either be reduced or written off completely. Reverting to the previous example, suppose the business purchased had a competitor that opened a location just across the street, and that ongoing [[profit]]s would be reduced. Management would be required to reduce, if not write off completely, the value of Goodwill.
Management must review the asset value of Goodwill every year to determine if it is still a legitimate asset. If it is not, the asset must either be reduced or written off completely. Reverting to the previous example, suppose the business purchased had a competitor that opened a location just across the street, and that ongoing [[profit]]s would be reduced. Management would be required to reduce, if not write off completely, the value of Goodwill.
'''Goodwill Ministries''' is a charitable organization that assists the less fortunate, similar to the larger [[Salvation Army]]. Goodwill runs a number of thrift stores.
[[category:economics]]
[[category:economics]]
[[category:finance]]
[[category:finance]]
[[Category:accounting]]
[[Category:accounting]]
[[Category:Charity]]