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How can you record your own accepted goodwill at records?

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Auditing Budgeting Financial Risk Financial Management
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Question added by Tamer Elbeshbishy , Financial and Administration Manager , Muscat Towers Holding Group
Date Posted: 2023/01/11
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aqib adeel
by aqib adeel , Deputy Manager Accounts & Taxation , Sheikhoo Sugar Mills Limited

Self-generated or Inherent Goodwill is the value of business in excess of the fair value of it's net tangible assets. It arises over a period of time due to the good reputation of the firm. A cost cannot be placed on this type of goodwill. It is never recorded in the books of accounts.

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