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.