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Peter Pan


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GOODWILL expressed as cash
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Hello all

             Hope many of the friends I made are still around. My question is  I have a balance sheet setup by Australian Bookkeeper.

 The first amount in the FIXED ASSETS column of the balance sheet .Reads as follows...

GOODWILL  $300,000.00    The word GOODWILL just stands out as a bit strange and I am hoping that some bright person can fill me in as to what the equivolent  word would be in normal  bookkeeping terms in that position on a balance sheet   

Any answer and help will surely be appreciated.... Thanks

Regards

Gordon Thom



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Gordon Thom
Shamus


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Hi Gordon,

hope that you are well,

its Goodwill exactly the same although it may be subsumed within Intangibles on the face of the balance sheet with reference to the workings that contain more detail.

HTH,

Shaun.

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Shaun

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Peter Pan


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Good day Shaun

Thanks for your super quick reply. After a quick dictionary search to the meanings of a subsumed . intangibles as you can see from below

Verb 1. subsume - contain or include; "This new system subsumes the old one"

2. subsume - consider (an instance of something) as part of a general rule or principle

noun 4 .something intangible, especially an intangible asset: Intangibles are hard to value.

I am no closer to the answer to my question. Can I please ask you to try and explain it in a more meaningful and understandable statement

Many thanks
Gordon

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Gordon Thom
Shamus


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Hi Gordon,

the top half of the balance sheet is (at it's simplest) split down into None current assets and current assets.

Assets can be tangible as in something that you can touch such as a computer or intangible such as goodwill

Goodwill is an intangible non current asset.

It may either be shown on the face of the balance sheet of subsumed within the non current intangibles.

To be subsumed in this context means that Goodwill could be part of the intangible assets reported on the face of the balance sheet with the Goodwill shown in the workings which will be referenced from the balance sheet.

For a non subsumed example have a look at section 6.2 of this link :

http://www.xbrl.org/taxonomy/int/iascf/ci/pfs/2002-09-15/iascf-ci-pfs-2002-09-15.htm

Can't find an example at the moment showing intangibles and workings but basically it's the same but hived off the face of the balance sheet.

Hope that makes it a little clearer Gordon.

kind regards,

Shaun.




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Shaun

Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Peter Pan


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Hello Shaun
You were spot on with your directions. The site you so kindly steered me to will be a great help. Plenty of info for me to try and digest.

Many thanks for the help and the speedy reply

All the very best

Gordon

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Gordon Thom
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