The objective of AASB 136 Impairment of Assets is to prescribe the procedures anentity applies to ensure that its assets are not carried more than its recoverableamount. It is applicable for annual reporting periods beginning on or after 1 January2005.If there is any indication that an asset is impaired, then the entity must estimate therecoverable amount of the asset. Intangible assets with an indefinite useful life andgoodwill must be tested for impairment at least annually (i.e. estimate recoverableamount) irrespective of whether there is any indication of impairment.In practice, the determination of goodwill impairment is a rather onerous task.Evidence has shown that managers have a lot of discretion when dealing withgoodwill impairment testing. Using around 800-900 words, discuss what are thediscretions that managers can use in goodwill impairment testing.Please note that you can use the published paper titled "Better late than never, thetiming of Goodwill Impairment Testing in Australia" authored by Kaiying Ji, Universityof Sydney, Australian Accounting Review No 67, Vol 23. Issue 4 (2013) as aframework (refer to Moodle site).You are highly encouraged to support your answer by citing specific references suchas newspaper articles, staff papers from AASB, articles from practitioner journalsand scholarly journals. You can also provide examples from companies listed onASX (e.g. http://www.asx.com.au/asxpdf/20130729/pdf/42h971jzb057kp.pdf: Pleasesee Moodle site) to support your answer.