Goodwill and business combinations - intangible assets, Auditing

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.

Posted Date: 1/25/2013 2:09:11 AM | Location : United States







Related Discussions:- Goodwill and business combinations - intangible assets, Assignment Help, Ask Question on Goodwill and business combinations - intangible assets, Get Answer, Expert's Help, Goodwill and business combinations - intangible assets Discussions

Write discussion on Goodwill and business combinations - intangible assets
Your posts are moderated
Related Questions
Sales are shipped FOB shipping point with credit terms n/45. You have verified that the last shipping number used in 2009 was 261,336 and that numbers were used in numerical order.


Completeness of Liabilities In distortion, the directors tend to involve non-existent assets or keep out liabilities. Hence whereas along with assets we are especially concern

two advantages of an Audit to the shaire holders

What is the role of the auditor, and what are the key duties the auditor must carry out? Role of the Auditor In modern commercial environmental it is desirable that bus


i have assignment question

Documentation of Representations by Management The auditor would ordinarily involve in audit working papers evidence of management's representations in form of a summary of or


Classification of Individual Business Risk Individual business risk can be low or high impact and low or high likelihood. Here are some illustrations for a satirical magazine.