Answered: What is the difference in the treatment…

Financial Reporting, Financial Statement Analysis and Valuation

8th Edition

ISBN:9781285190907

Author:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw

Publisher:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw

Chapter8: Investing Activities

Section: Chapter Questions

Problem 6QE

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What is the difference in the treatment of internally generated goodwill from the purchased goodwill under IAS 38 intangible assets?

Purchased goodwill is not amortised; whereas, internally generated goodwill can be amortised over a period of 10 years

Purchased goodwill is to be expensed in the period it is bought, whereas internally generated goodwill is to be deferred and amortised over a period of no less than 20 years

Purchased goodwill may be recorded as an asset, whereas internally generated goodwill may not

Purchased goodwill can be amortised over a period of 10 years; whereas, internally generated goodwill is recognised as an asset which cannot be amortised

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