Get The Definition Of Goodwill- A Chronological

FASB Accounting Standards Update No. 2014-02, Intangibles—Goodwill and Other (Topic 350): Accounting for Goodwill allows these companies to use straight-line amortization of goodwill for up to ten years, or less if the company is able to demonstrate a useful alternative lifespan.

Goodwill is an intangible asset (an asset that's non-physical but offers long-term value) which arises when another company acquires a new business. Goodwill refers to the purchase cost, minus the fair market value of the tangible assets, the liabilities, and the intangible assets that you're able to identify.

: a kindly feeling of approval and support : benevolent interest or concern. people of goodwill. b(1) : the favor or advantage that a business has acquired especially through its brands and its good reputation. (2)

Goodwill is an intangible asset that accounts for the excess purchase price of another company. Goodwill includes proprietary or intellectual property, brand recognition, and other aspects of a company that are valuable but not easily quantifiable.

The Financial Accounting Standards Board (FASB) defines goodwill as “an asset representing the future economic benefits arising from other assets acquired in a business combination […] that are not individually identified and separately recognized.”

Goodwill means favor and kindness, and the Infant in the manger was the bridge of favor and kindness between God and man. The Christ Child grew to truly be the Savior of the world, the tangible and literal expression of God's favor to us.

Goodwill can also be spelled as two separate words, good will, but either way it joins good, from the Old English word for "virtuous," god, and will, in Old English willa, or "wish." So when you wish someone well — when you feel friendly or compassionate — you have goodwill toward that person.

Goodwill Accounting Guidelines Goodwill represents the excess of purchase price over the fair market value of a company's net assets.