FASB changing goodwill accounting

Please answer the question below in essay format
As we discussed in class during Week 1, the FASB is considering changing goodwill accounting,in response to pressure from companies. In particular, the FASB is considering going back togoodwill amortization as existed prior to the issuance of SFAS 141 and SFAS 142 in 2001.Consider four possible ways to account for the goodwill arising from an acquisition:
[1] Periodic amortization over the estimated period during which the goodwill from theacquisition is expected to provide benefits to the acquiring company. This was the regimethat existed prior to the issuance of SFAS 141 and SFAS 142 in 2001.[2] Indefinite life and no amortization, with impairment testing performed at least annually (ormore often when circumstances suggest impairment). This is the regime that exists now.[3] Expense the goodwill at the time of acquisition. This is what businesses were lobbying forleading up to the FASB’s issuance of SFAS 141 and SFAS 142 in 2001.[4] Implicitly recognize the goodwill by proportionately increasing the value of other specificassets acquired (and, possibly, decreasing the value of specific liabilities assumed). This hasbeen proposed from time to time but the idea has never gotten much traction.
Prepare a brief response that offers your opinion on the following questions. There is no right orwrong answer; I am more interested in your thought process rather than on which side of acontroversial topic you take.
• What are the pros and cons of each approach?• Should the FASB stay with the current goodwill regime, or should it change the accountingfor goodwill?• Which of the above four approaches do you find most compelling and why? The leastcompelling?