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Partnership goodwill

Amortise or not.....

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Partnership has historic goodwill in its Balance Sheet. Has never been amortised. Should it be? I am sure I read that even non-limited companies have to prepare accounts in accordance with GAAP and FRS standards these days. Makes no odds for tax and the accounts aren't used by anyone other than the partners so it might be academic and no one will actually care, but just want to do what is correct.

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06th Mar 2018 15:16

It’s up to the partners. What you have read is that unincorporated entities have to compute their profits for tax purposes in accordance with GAAP. That does not limit what they can do in the accounts they use to regulate their dealings with each other.

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