State two effects of Accounting Standard – 26 (Intangible Assets) as issued by the Institute of Chartered Accountants of India on goodwill.
State two effects of Accounting Standard – 26 (Intangible Assets) as issued by the Institute of Chartered Accountants of India on goodwill.
Anurag Pathak Changed status to publish July 18, 2023
As per AS – 26 (Regarding Goodwill):
(i) Firm can recognise Goodwill in the books of account when it is purchased, i.e., consideration in money or money’s worth has been paid for it.
(ii) In case of admission/retirement/death of a partner or in case of change in the profit sharing ratio among partners, goodwill can not be recognised in the books of the firm because no consideration in money or money’s worth is paid for it.
Anurag Pathak Changed status to publish July 18, 2023
