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Intangible asset vs goodwill
Accountancy
Are they both same? As intangible assets definition says it to be identifiable..Goodwill is not identifiable..so aren't they both are same??
Answers (8)
(Updated)
Goodwill is an intangible asset that is associated with the purchase of one company by another. Unlike other intangible assets like patents, licenses, copyrights, trademark, etc.... Goodwill is a premium paid over the fair value of assets during the purchase of a company. Hence, it is tagged to a company or business and cannot be sold or purchased independently. But for AS 26 it is not considered
CA Suraj Lakhotia Admin
For purpose of AS26, intangible assets must be identified. Since goodwill is not identifiable, it is not covered by AS 26
Sir it doesn't fall under AS26 and INDAS38..but we call it as intangible assets??
CA Suraj Lakhotia Admin
Yes
Sir..If it doesn't fall under the definition..why are we supposed to call it as intangible asset sir..
Thread Starter
vasabattula abhinavSir..If it doesn't fall under the definition..why are we supposed to call it as intangible asset sir..
It is an intangible asset. But not covered by AS 26/Ind AS 38
CA Suraj Lakhotia Admin
It is an intangible asset. But not covered by AS 26/Ind AS 38
Then where does it got covered sir..as we are calling it as an intangible assets?
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