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GOODWILL
Previously under IAS 22 on Business combinations, goodwill on consolidation used to be amortized over an estimated period of years. However, IFRS 3 (still on business combinations) prohibits the amortization Goodwill and instead requires;a) Positive goodwill to be carried in the accounts at cost and incase the management feels there’s been a loss of value (impairment), then it should be charged as an expense.
For the consolidated balance sheet, the relevant entry is: DR. Group retained profits CR. Cost of control (with the impairment)b) Negative goodwill should be reported as income immediately.
Relevant entries are;;DR. Cost of control CR. Group profit and loss/retained profits (with the full negative goodwill)
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