Goodwill — An Example of Puzzle‐Solving in Accounting

Ronald Ma · ROGER HOPKINS

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Accounting Theory and Financial Reporting Auditing, Earnings Management, Governance Accounting and Financial Management

Abstract

The nature of goodwill continues to be misunderstood by most accountants and confusion surrounding the measurement and reporting of goodwill persists. The rejection of official accounting standards on goodwill is a common occurrence. A dynamic open system perspective is used in this paper to re‐examine the nature of goodwill. It is found that a meaningful economic interpretation can be developed for internally generated goodwill but not for ‘purchased goodwill’. There is an inability to identify the stream of benefits specifically associated with goodwill arising on acquisition.

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1996The Structure of Scientific Revolutions 1961Dividend Policy, Growth, and the Valuation of Shares 1981Principles of Corporate Finance.1978Statement of Accounting Theory and Theory Acceptance

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1992A Political History of Goodwill in the U.K.: An Illustration of Cyclical Standard Setting 1993Accounting for Intangibles: A Theoretical Perspective 2013Assessing the Value Relevance of Goodwill Impairment Considering Country-Specific Factors: Evidence from EU Listed Companies 1990The rationale for accounting for goodwill 2015Will the changes proposed to the conceptual framework's definitions and recognition criteria provide a better basis for IASB standard setting?2018Goodwill accounting standards in the United Kingdom, the United States, France, and Japan 1996International variations in the accounting and tax treatments of goodwill and the implications for research

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