Goodwill may only be recognised as an intangible asset when it is acquired as part of a business combination.

Question

Quizplus · Accepted Answer

Goodwill can only be recognised in the accounting records when it is acquired as part of a business combination. This is in accordance with International Financial Reporting Standards (IFRS) and generally accepted accounting principles (GAAP). Goodwill cannot be generated internally or separately purchased and recognised as an asset.

Goodwill May Only Be Recognised as an Intangible Asset When