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Amp Company Essay

509 words - 3 pages

Introduction.AMP has today flagged a possible $1.2 billion write down of its troubled offshore assets. The Chief Executive Andrew Mohl says AMP believes the carrying value of these assets is unlikely to recover for some time and it will therefore be prudent to reflect a more realistic view in the balance sheet. Therefore, he says the write- downs will largely be goodwill and not impact on the net assets of AMP's UK businesses. As the issue above, we make some definitions, analysis and comments.1. Give a brief summary of the circumstances which give rise to goodwill.a. Goodwill can only be recognized when an acquisition results in gaining control of an operation or entity. ...view middle of the document...

This is principally because of the difficulty, or impossibility, of identifying the events or transactions which contribute to the overall goodwill of the entity،¬.،¯ Internally generated goodwill, which is not recognized as an asset will either go completely unrecognized or will be recognized as an expense.c. When an operation or an entity is acquired, we can recognize goodwill, which suggests that the particular assets and liabilities acquired must be capable of to be used together in meeting the objectives of the acquiring entity. This suggests that the operation or entity must be able to survive independently of both the acquiring entity and the selling entity. Such an entity is capable of producing goods or services that it can provide or sell to other entities. In such a situation, it is a separate entity that can be owned and controlled by another entity.d. Goodwill means the future benefits from unidentifiable assets. However, it will not involve such assets if such a condition were not satisfied. In valuing the unidentifiable assets, if it is assumed that the difference between the cost of acquisition and the fair value of the net assets acquired is a measure of any goodwill, then the existence of such a difference does not mean that goodwill was acquired. Similarly, the absence of a difference does not mean that no goodwill was acquired. The problems are the recognition in AASB 1013 of the possibility of "bad buys" and the uncertainty about the extent, which plays a part in the goodwill calculations.

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