Bloom (2009) notes how a great deal of the market value of a listed company relates to the value of its goodwill much of which has been internally generated and which is prohibited from being recognised. In this regard he states:

Paragraph 48 of AASB 138 states that ‘internally generated goodwill shall not be brought to account’. I reiterate that this dismisses some 45 percent of the market capitalization of all companies listed in the ASX, and 52.5 percent of that of the top fifty companies. How can this be compatible with the objectives of general-purpose financial reporting, let alone common sense?

REQUIRED
Critically evaluate the above paragraph