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goodwill with a definite useful life

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA SBR Exams › goodwill with a definite useful life

  • This topic has 1 reply, 2 voices, and was last updated 4 years ago by Stephen Widberg.
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  • July 2, 2021 at 5:16 am #626820
    Noah098
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    sir goodwill acquired in a business combination, which has a definite useful life, is still subject to annual impairment review?

    July 2, 2021 at 5:58 am #626827
    Stephen Widberg
    Keymaster
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    Useful life is considered for IAS 38 intangibles.

    It is not considered for goodwill which is dealt with in IFRS 3.

    Remember that goodwill does not meet the definition of intangible – it is not separable and it does not give legal / contractual rights – so IAS 38 is completely irrelevant

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