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goodwill

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Querist : Anonymous

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Querist : Anonymous (Querist)
02 April 2010 sir,

Can u tell me the procedure to create self generated goodwill in a business how will it reflect in our financial statements.

Kindly advice me.


Regards
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kartik_somu

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kartik_somu (Expert)
03 April 2010 As per AS -10, self generated goodwill should not be accounted in books.
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CA Ravi Sisodia

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CA Ravi Sisodia (Expert)
03 April 2010 agree
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shakuntala chhangani

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shakuntala chhangani (Expert)
07 April 2010 Agreed but it is not AS 10. It is as per AS 26 "Accounting for Intangible assets". It can not be recognised as an asset as it does not satisfy the recognition criteria.
Regards, CA Shakuntala Chhangani
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