- The difference between the fair value of the consideration given by an acquiring company when buying a business and the aggregate of the fair values of the separable net assets acquired. Goodwill is generally a positive amount. Under Financial Reporting Standard 10, Goodwill and Intangible Assets, goodwill should normally be capitalized on the balance sheet and amortized to the profit and loss account over a period not exceeding 20 years. The international accounting standards relevant to the treatment of consolidated goodwill are International Financial Reporting Standard 3, Business Combinations, International Accounting Standard (IAS) 36, Impairment of Assets, and IAS 38, Intangible Assets.
Accounting dictionary. 2014.
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