Basic query in accounting

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pavankumar (Querist)
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09 October 2013 Whether below statements are correct?

i)AS 10 talks about recording of Purchased Goodwill.
ii)AS 26 talks about writing-off of Self-generated Goodwill.

I will be very much thankful to you.

CA Vijeta Verma

CA Vijeta Verma (Expert)
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09 October 2013 2nd statement is correct

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pavankumar

pavankumar (Querist)
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09 October 2013 What about first statement.?

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CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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09 October 2013 AS-10 is not applicable on Goodwill

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pavankumar

pavankumar (Querist)
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09 October 2013 Which Accounting standard talks about Purchased Goodwill?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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10 October 2013 Goodwill cannot be purchased, it will be generated while take over of other company or having acquired subsidiary company

Goodwill generated through amalgamation deals with AS-14 & Goodwill generated through subsidiary company acquisition deals with AS-21 consolidation of accounts

Internally generated goodwill treated in AS-26 Intangible asset

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