Goodwill

Question 1

can internally generated goodwill be shown as an asset

Answer 1

no

Question 2

how does goodwill arise

Answer 2

acquisitions

Question 3

how is goodwill measured

Answer 3

at cost

Question 4

what is the cost of goodwill

Answer 4

excess cost of the business acquisition over the net fair value of the identifiable assets and liabilities which have been acquired

Question 5

can goodwill be negative

Answer 5

yes

Question 6

when does negative goodwill occur

Answer 6

cost of acquisition less than net fair value of assets

Question 7

is good will amortised

Answer 7

no

Question 8

how is goodwill tested

Answer 8

impairment review annually