Basic query in accounting
This query is : Resolved
pavankumar
(Querist)
09 October 2013
Whether below statements are correct?
i)AS 10 talks about recording of Purchased Goodwill.
ii)AS 26 talks about writing-off of Self-generated Goodwill.
I will be very much thankful to you.
i)AS 10 talks about recording of Purchased Goodwill.
ii)AS 26 talks about writing-off of Self-generated Goodwill.
I will be very much thankful to you.
Guest
Guest
(Expert)
09 October 2013
2nd statement is correct
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pavankumar
(Querist)
09 October 2013
What about first statement.?
CMA Ramesh Krishnan
(Expert)
09 October 2013
AS-10 is not applicable on Goodwill
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pavankumar
(Querist)
09 October 2013
Which Accounting standard talks about Purchased Goodwill?
CMA Ramesh Krishnan
(Expert)
10 October 2013
Goodwill cannot be purchased, it will be generated while take over of other company or having acquired subsidiary company
Goodwill generated through amalgamation deals with AS-14 & Goodwill generated through subsidiary company acquisition deals with AS-21 consolidation of accounts
Internally generated goodwill treated in AS-26 Intangible asset
Goodwill generated through amalgamation deals with AS-14 & Goodwill generated through subsidiary company acquisition deals with AS-21 consolidation of accounts
Internally generated goodwill treated in AS-26 Intangible asset
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