exposure draft ED139 is released which has proposed certain changes that will affect goodwill on consolidation. Free Essay, Term Paper and Book Report
According to AASB 127 paragraph 9, consolidated financial statement is presenting when each entity that is a parent of a group that is a reporting entity and it consolidates its investments in subsidiaries in accordance with this standards. When preparing consolidated financial statement AASB 127 paragraph 22, sub paragraph (a) indicates that the carrying amount of the parents investment in each subsidiary and the parents portion of the equity of each subsidiary are eliminated. Anyway, goodwill is also relevant to consolidating the financial statements of separate legal entities. However, in 2005, the exposure draft ED139 is released which has proposed certain changes that will affect goodwill on consolidation.
Goodwill
The nature of goodwill in consolidation is determined as the excess of the cost of an acquisition over the fair value of the identifiable net asset acquired. Paragraph 52 of AASB3 state that goodwill acquired in a business combination represents a payment made by the acquirer in anticipants of future economic benefits from assets that are not capable of being......
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