Goodwill

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT member discussion
Looking at some accounts of a business. There is a figure of £10,000 for 'Goodwill' under intangible fixed assets. The same figure is in the last 3 years' accounts. Shouldn't it be amortised?

Thanks for advice.

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Goodwill

    It should be amortised if the expected life of the goodwill is less than 20 years. If it is more than 20 years it is reviewed for impairment.

    Kind regards
    Steve

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