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GOODWILL
Previously under IAS 22 on Business combinations, goodwill on consolidation used to be amortized over an estimated period of years. However, IFRS 3 (still on business combinations) prohibits the amortization Goodwill and instead requires;a) Positive goodwill to be carried in the accounts at cost and incase the management feels there’s been a loss of value (impairment), then it should be charged as an expense.
For the consolidated balance sheet, the relevant entry is: DR. Group retained profits CR. Cost of control (with the impairment)b) Negative goodwill should be reported as income immediately.
Relevant entries are;;DR. Cost of control CR. Group profit and loss/retained profits (with the full negative goodwill)
Illustration of Bankruptcy Njuguna Mwandawiro, carrying on a business as a trader in Likoni, Mombasa, finds himself insolvent, and on 15 August 1997 files his petition in bankr
The following items are found in the trial balance of M/s Sharada Enterprise on 31st December, 2000. 10 marks Summer 2013 Sundry Debtors Rs.160000 Bad Debts written off Rs 9000 Dis
Purchase price $2.15 Exercised Price: $37.50 Currently Trading at $37.00 In order to make the decision on the best course of action, two tables of calculations are needed:
Items reducing the deficit: Items reducing the deficit would include: (a) Profits from trading; (b) Estimated profit on the realisation of assets. Notes: (a) Whe
EXPRESS TRUSTS Creation : An express trust is "created not by facts and circumstances, but by the express words of the settlor". (Fitzgerald v Stewart) Completely an
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The concept that money has time value is one of the most fundamental notions of investment analysis. For any type of productive asset its value will based on the future cash flows
natasha kingrey to calculate present value of salary differential for completing mba
Completed executions A judgement creditor cannot retain the "benefit" of an execution or attachment, unless he has completed it- Before the date of the receiving order,
Cost of goods sold minus sales
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