Define internally generated goodwill and externally generated goodwill
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Define internally generated goodwill and externally generated goodwill

8. Define internally generated goodwill and externally generated goodwill. Discuss how each type of goodwill should be acounted for and the main challenges and issues arising in accounting for each type of goodwill.

Hint
Accounts and Finance Internally generated goodwill is defined as an asset that can considerably contribute to the corporate success of firms. Its value could be extremely high, though it is not evident directly in the financial statements. Expenses for an intangible item is recognized as an expenditure, lest the item meets the description of an intangible asset...

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