Goodwill Is Defined in IFRS 3/AASB 3 Business Combinations As

question 55

Multiple Choice

Goodwill is defined in IFRS 3/AASB 3 Business Combinations as:

• A) an asset having no physical substance.
• B) future economic benefits arising from assets that are not capable of being individually identified and separately recognised.
• C) an asset not specifically brought to account.
• D) the benefits of a favourable customer relations.

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Definitions:

Defence Mechanism

Psychological strategies used unconsciously by individuals to protect themselves from anxiety or guilt by denying or distorting reality.

Identification

A psychological process whereby the subject assimilates an aspect, property, or attribute of the other and is transformed, wholly or partially, by the model the other provides.

European Sports Car

Refers to high-performance and often luxury vehicles designed and manufactured in Europe, known for their speed, handling, and elegance.

Defence Mechanism

A defence mechanism is a psychological strategy unconsciously used to protect a person from anxiety arising from unacceptable thoughts or feelings.