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Goodwill and Business Combinations - Intangible Assets
Goodwill is the one of most strange of all assets since it cannot be differentiate from the business. It cannot be sold on it's as asset. Most difficulty is to ascribe a value to. So there is no reliable basis for find out the value of this asset.
The problem along with internally produced goodwill is trying to quantify the asset. Hence, internally produced goodwill must not be identified as an asset in accounts meant to provide a fair or true view. Since whether the auditor finds a set of accounts whether internally generated goodwill has been identified as an asset in the balance sheet then, he should be alert such this treatment is against the requirements of IAS and have accordingly qualify his report.
Auditors Procedures - Audit Process The relevant authority on post balance sheet events is ISA. The preparation of loss and profit account and balance sheet will forever inclu
Q. What do you understand by Yellow Book? Yellow Book - Written by GENERAL ACCOUNTABILITY OFFICE, yellow book sets forth standards to be followed in auditing FINANCIAL STATEMEN
if a proxy is voted as per his judgement other than member prescribed to him... what is the action to be taken?
Ask You are the senior auditor assigned to the team performing an audit for Restorative Pharmaceutical Corporation (RPC), a 10-year-old publicly held corporation listed on the New
How would you value the Goodwill
Ask question #MA. Evaluate the strengths and weaknesses of preview Company''s control environment B. What factors in Preview company''s control environment have led to and facilit
share issue discount
You are the external auditor of Apex tour Ltd, a company which promotes New Zealand tours to Australia and owns chain duty free shops. You have been auditing the company since it w
Current Audit File The current audit file might include inter alia: a) A copy of the audited financial statements and any report prepared as a result of audit work carried out
Sufficiency of audit evidence The audit evidence should in total enable the auditor to form an opinion on the financial statements. Sufficiency is a measurement of the quantity
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