TaxTMI 
TaxTMI 
Dear Expert
Pl. give brief idea abt goodwill & intelligible asset
what is accounting treatment
With Regards & Thanks
Mahesh
goodwill & intangible asset
20 Oct 2015 
2 Replies 
1881 Views Asked by
Goodwill recognition rule: internally generated goodwill cannot be recognised; purchased goodwill may be capitalised and amortised under accounting norms.
Goodwill, being the reputation of a business, is an intangible asset; internally generated goodwill is not recognised, while purchased goodwill may be capitalised and depreciated or amortised in accordance with the applicable accounting standard for intangible assets. Other intangible items include trademarks, patents, copyrights and business networks, and allocation of value among these items is driven by management judgement consistent with the valuation norms in the accounting standard. (AI Summary)
Goodwill, being the reputation of a business, is an intangible asset; internally generated goodwill is not recognised, while purchased goodwill may be capitalised and depreciated or amortised in accordance with the applicable accounting standard for intangible assets. Other intangible items include trademarks, patents, copyrights and business networks, and allocation of value among these items is driven by management judgement consistent with the valuation norms in the accounting standard. (AI Summary)