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Table Of Contents Abstract 2 Introduction 3 Proposed Structure by 2005 4 Treatment of Goodwill under AASB 5 Treatment of Goodwill under IAS 7 Comparison of treatment of Goodwill under the Australian and International Accounting Standards. 8 Treatment best for Australian Companies 9 Abbreviation 13 Fair value 13 Goodwill 13 Identifiable assets 13 Purchase consideration 13 Unidentifiable assets 13 Appendix 14 One 14 Abstract As we know, Australia is going to harmonies its standards with International Accounting Standards (IASC); as a result the Australian standards will automatically compliance with IASC Standards. Harmonizing would not lead to lessen in quality of Australian standards, but rather formulate Australian standards more internationally recognized. At present the International accounting standard board planning to change nearly half of its standards and these changes are come into force in Australia on 1st of January 2005. The changes, enclosed in the IASB enhancement project and in its amendments to standards on financial instruments, which will defiantly have leading effect on Australian companies. As a result the companies need to take necessary measure Goodwill in business has long been the...

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