G oodwill D iscontent : T he M eshing O f A ustralian A nd I nternational A ccounting P olicy

Abstract

The time‐bomb of goodwill accounting exploded in 1994 as the Australian Securities Commission sought to enforce compliance with Accounting Standard AASB 1013. The commission was attacked for its prescriptive interpretation of the amortisation requirement in the standard. Further, a campaign was waged to have the Australian Accounting Standards Board re‐examine the wider question of mandatory amortisation, which was alleged to be a nonsensical rule damaging to the international competitiveness of Australian business. However, the campaign clashed with a growing Australian commitment to the internationalisation ofaccounting standards, because the Australian goodwill standard is harmonised to its international counterpart, IAS 22. Those of some major countries are not.

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