Which of the following statements is false?
A) Goodwill is an intangible asset
B) Goodwill is the excess of the price paid for the business, acquired over the net fair value of identifiable assets
C) According to IFRS 3, internally generated goodwill must be shown as an asset on the statement of financial position
D) Goodwill is recognized only where it is the result of a transaction

Question

Quizplus · Accepted Answer

According to IFRS 3, internally generated goodwill is not recognized as an asset but expensed in the period it was incurred. The other statements are true.

Which of the Following Statements Is False