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Explain types of reserves in statement of financial position

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Question (a) Ver Ltd acquired a company in 2017 and noted goodwill of £10 million. In 2020, the director of the company tells the accountant that since the employees of the newly acquired firm were slowly leaving every year, he expected the value of goodwill to go down. He asked the accountant to amortise the value of goodwill. Discuss whether you agree or disagree with this approach.

Question (b) Explain the two types of reserves in a statement of financial position.

Reference no: EM132532678

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