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While two decades ago, the international standard-setter opted to eliminate goodwill amortization in favor of the application of annual impairment tests, the DP/2020/1 Discussion Paper entitled “Business Combinations—Disclosures, Goodwill and Impairment ” reconsiders this choice. In this article, we look back at the two discussion periods to identify the arguments used. The purpose of this article is educational, based on the “universal” debate in accounting between relevance to reliability. Goodwill treatment provides a case study illustrating the impact of an accounting choice on the quality of financial statements and the challenges in the standard-setting process.