ASC 350 - Intangibles - Goodwill and Other

ASC 350 provides guidance on accounting for goodwill and other intangible assets, describing how to initially recognize, measure, and subsequently evaluate them for impairment rather than systematic amortization. The standard requires entities to test goodwill for impairment at least annually using a two-step valuation approach, while other intangibles are generally amortized over their useful lives unless they are indefinite-life assets, which are also subject to annual impairment testing.