[Verse 1]
When you buy a company for more than book value
The excess price you pay has got to go somewhere new
It's not the buildings, not the cash, not inventory
It's goodwill on your balance sheet, part of your story
[Chorus]
Goodwill sits and waits, never goes away
Unless impairment hits or you amortize each day
Test it every year or write it off in ten
ASPE gives you choices, sing it once again
Goodwill sits and waits, intangibles must prove
Recognition criteria before they make their move
[Verse 2]
For intangible assets, there's a test to pass
Identifiable, controlled, future benefits that last
Can you separate and sell it to another firm
Or does a contract give you rights that are confirmed
[Chorus]
Goodwill sits and waits, never goes away
Unless impairment hits or you amortize each day
Test it every year or write it off in ten
ASPE gives you choices, sing it once again
Goodwill sits and waits, intangibles must prove
Recognition criteria before they make their move
[Bridge]
Carrying amount compared to recoverable sum
If the asset's worth less, impairment has begun
Write it down immediately, the loss goes on your books
No reversals allowed, no matter how it looks
[Verse 3]
Some intangibles have finite useful lives to track
Amortize them systematically, there's no looking back
But indefinite life assets need that annual test
Make sure their value hasn't fallen from their best
[Chorus]
Goodwill sits and waits, never goes away
Unless impairment hits or you amortize each day
Test it every year or write it off in ten
ASPE gives you choices, sing it once again
Goodwill sits and waits, intangibles must prove
Recognition criteria before they make their move
[Outro]
Probable future benefits flowing to your firm
Reliable measurement makes the asset confirmed
ASPE goodwill treatment, now you know the way
Impairment or amortization, your choice every day