Give a thorough explanation of Goodwill’s attributes.
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Characteristics of Goodwill
Goodwill is an intangible asset that represents the excess of the purchase price of a business over the fair value of its identifiable net assets. It arises from factors such as reputation, customer loyalty, brand value, and employee morale. The characteristics of goodwill include:
1. Intangible Nature:
2. Non-Current Asset:
3. Acquisition Basis:
4. Not Separately Purchased:
5. Subjective Valuation:
6. Impairment Testing:
7. Not Depreciated:
8. Brand Value:
Conclusion: