Under FRS102 is it allowable to recognise internally generated goodwill?
The business I work for has spent a lot of money developing its products. it has successfully made R&D claims based on the costs incurred in developing these products. We are considering in using a professional valuer to place a value on the products we have manufactured (which are selling successfully) and then using that valuation as justification to introduce an Intangible Asset ? If it is allowed, I assume we would debit Intangibles and credit some sort of Reserve account in year 1 and then carry out some sort of imparment review annually?
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Under FRS102 is it allowable to recognise internally generated goodwill?
No - at least, not on the basis of a valuation as you suggest.
You might be able to capitalise the costs incurred as an intangible asset - s18.8 of FRS102 sets out the criteria. The standard can be downloaded for free from the FRC website.
Also bear in mind that what you're suggesting is not just an accounting issue. If you choose to capitalise costs claimed under a R&D tax claim these will need to be amended as capitalised costs have to be claimed in a different way.