In order to comply with IAS 38/AASB 138 Intangible Assets , how must an entity handle goodwill
Question:
In order to comply with IAS 38/AASB 138 Intangible Assets, how must an entity handle goodwill on the acquisition of the net assets or shares of another entity? Is this treatment consistent with the principle of recording all assets acquired at cost? Explain why or why not.
GoodwillGoodwill is an important concept and terminology in accounting which means good reputation. The word goodwill is used at various places in accounting but it is recognized only at the time of a business combination. There are generally two types of... Intangible Assets
An intangible asset is a resource controlled by an entity without physical substance. Unlike other assets, an intangible asset has no physical existence and you cannot touch it.Types of Intangible Assets and ExamplesSome examples are patented...
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Under IAS 38AASB 138 goodwill is defined as the future economic benefits arising from assets ...View the full answer
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Related Book For 
Accounting
ISBN: 978-1118608227
9th edition
Authors: Lew Edwards, John Medlin, Keryn Chalmers, Andreas Hellmann, Claire Beattie, Jodie Maxfield, John Hoggett
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