Under current accounting rules, companies cannot recognise internally generated goodwill in their balance sheet
Under current accounting rules, companies cannot recognise internally generated goodwill in their balance sheet. Baruch Lev, an accounting professor at NYU calls this “19th century accounting.” In anera when so many companies rely upon their brand and knowledge about their customers to drive sales, this obscures important information from investors.However, standard setters such as the IASB and FASB argue that valuation on such intangibles is far too complex to justify on a cost/ benefit basis.
Student A supports the introduction of full accounting for intangible assets including internally generated goodwill.
This is a presentation question, i need to give a speech about 12 to 15 mins. Please prepare the speech draft for me, thx
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