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What is the goodwill, how it will be calculeted.can
Goodwill posted on laibiltes side Balance sheet.
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Answer Posted / h.r. sreepada bhagi
Goodwill represents some 'Prudent Value' beyond its assets
in a going concern. I may be the result of brand name,
reputation or any other factor that contributes tot eh
company's performance & growth.
Goodwill may be acquired or internally generated. It needs
to be accounted and presented in the Financial Statements as
per the relevant Accounting Standard (Indian GAAP, US GAAP
IFRS/IAS, etc). Since Goodwill implies some future benefits,
it is an asset and should shown only on the Liabilities side
(Under Application of Funds in Vertical Form) of the Balance
Sheet. Since it's Goodwill, it's not a liability to the
company presenting it in the Balance Sheet. Amortisation of
Goodwill shall be done in accordance with the relevant
Accounting Standards & Guidance Notes.
| Is This Answer Correct ? | 3 Yes | 2 No |
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