intangialbe asset

Question 1

A company should recognize goodwill in its balance sheet at which of the following points?

Answer 1

Goodwill can be recognized only in a business combination. Goodwill is an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

Question 2

Under IFRS, which of the following is a criterion that must be met in order for an item to be recognized as an intangible asset other than goodwill?

Answer 2

AS 38, Intangible Assets, defines an intangible asset as an identifiable nonmonetary asset without physical substance.