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‘The failure to include the Intangible Fixed Asset of non-purchased goodwill makes a mockery of the Balance Sheet.’
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| Submitted: Mon Jun 06 2005
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'The failure to include the Intangible Fixed Asset of non-purchased goodwill makes a mockery of the Balance Sheet.' Critically evaluate this statement. Abstract An intangible asset shall be recognized only if (1) it is probable that future economic benefits that are attributable to the asset will flow into the entity and (2) the cost of the asset can be measured reliably. Internally generated goodwill shall not be recognized as an asset since its acquisition cost cannot be measured reliably and it is not an identifiable resource controlled by the entity. Table of contents: * Abstract * Table of contents * Introduction * Definition of task * Financial statements * An exchange transaction * Measurement, metric * Interest of parent company * Self valuation * Conclusions * References Introduction (definitions) Consistent with the definition of assets as service potential or future economic benefits controlled by the entity as a result of past transactions or other past events, this Standard specifies that goodwill is an asset. In...
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