A small company purchased goodwill of £50,000 some six years ago, and on a recent professional valuation it was valued at £150,000. All other assets are also worth at least book value.
The directors have asked this to be reflected in the accounts to show the re-valued amount in the balance sheet. I can find no objection to this provided it has an appropriately worded note in the balance sheet, and the goodwill is professional valued on a regular basis, to be consistent.
Are there any accounting standards that say small companies cannot revalue goodwill, and reflect that in the balance sheet?
- Networking 200 2
- Bank Interest Held by Solicitor During Divorce 221 2
- Are you going to Tick and Bash on 21 May? 1,167 32
- US company hiring UK citizens in UK 267 4
- Corrupt excel .XLSX file 57 1
- incorrect old p60 481 13
- What VAT to reclaim on van purchased on HP? 301 5
- Professional coaching claimable? 190 2
- Turnover on a tax return 377 9
- IT Contractor 260 1
- Sage instant account codes 143 1
- Mobile phones, directors of micro-companies 238 1
- Cashflow forecasting software 314 4
- Letter to HMRC over 3 months ago, still no reply 1,948 19
- Companies House paper incorporation - date of birth omission 318 4
- VAT refund 212 1
- Is there an AIA calculator anywhere 286 1
- Reclaiming VAT on refurbishment cost? 280 3
- Missing tax return 409 4
- Inflation and fees 1,425 24