... IAS 38 (International standard) and both the standards has different approach in treatment of goodwill. As the harmonization process is in progress and hence the Australian standard has to be compliance with International Standard therefore it is a burning topic for companies and in corporate world in Australia. At present under AASB 1013 the companies amortize goodwill over a maximum of 20 years but under the International standard IAS36 the treatment of goodwill is quite different manner. Under IAS36 there is no need to amortize such goodwill because we can not judge the life of Goodwill and it may go further 20 years time frame hence IAS36 has quite different approach to the treatment of goodwill. The international accounting standard will not require goodwill to be written off in equal chunks over a period I therefore tried to find major differences in the Accounting treatment of Goodwill under the ...

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