Accounting for goodwill and other intangible assets is an indispensable reference for valuation students and specialists ervin l black and mark l zyla provide thorough instructions for understanding accounting for and reporting this challenging asset class. Asc 350 intangibles goodwill and other consists of five subtopics the first asc 350 10 overall provides guidance for accounting and reporting on intangible assets the second asc 350 20 goodwill provides guidance on accounting for goodwill subsequent to acquisition and for the cost of internally developed goodwill. Asc 350 30 provides guidance on accounting and reporting for intangible assets other than goodwill acquired individually or with a group of other assets asc 350 40 provides guidance on accounting for software developed for internal use and determining whether that software is for internal use. To record goodwill the fair value of the net tangible and identifiable intangible assets are compared with the purchase price of the acquired business the difference is goodwill
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