This assignment discusses the concept of impairment accounting and its application to goodwill. It explains that an impairment loss is a reduction in value or reduction in future benefits from any asset or profit-generating unit. The essay focuses on the reversal of impairment loss on goodwill, highlighting the rules under Australian Accounting Standards (AASB) 136. It concludes that it is not possible to account for the reversal of impairment loss on goodwill, as this would result in accounting for self-generated goodwill, which is prohibited.