Business in Europe: Framework for Income Taxation and Goodwill: Difference between pages

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imported>Doug Williamson
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''Tax - tax avoidance - European Union (EU)''.
1. ''Intangible assets - financial reporting.''


(BEFIT).
Goodwill is an intangible asset representing the additional premium - in excess of the book value of net assets - paid to acquire control of a business.  


BEFIT is a proposed common tax framework for the European Union, designed to:
Also known as positive goodwill.


*Reduce tax compliance costs
*Minimise tax avoidance opportunities and
*Support EU jobs and investment in the Single Market.


2. ''Financial reporting - consolidated accounts.''


BEFIT is a replacement for the proposal for a Common Consolidated Corporate Tax Base.
The excess of the total book value of the whole business, above the net value of its individual assets and liabilities.


Relevant accounting standards include IFRS 3 and IAS 38 under IFRS, ASC 350 under US GAAP, and Sections 18, 19 and 27 of FRS 102 under UK GAAP.


==See also==


* [[Base erosion and profit shifting]]
3. ''Intangible assets - reputational risk management.''
* [[CbC reporting]]
* [[Corporation Tax]]
* [[DEBRA]]
* [[European Union]]
* [[Single Market]]
* [[Tax]]
* [[Tax avoidance]]
* [[Tax base]]
* [[Tax compliance]]


The positive reputation of a business.


==Other links==
It can sometimes be estimated as the difference between the market value of a business and its adjusted book value.
*[https://ec.europa.eu/commission/presscorner/detail/en/ip_21_2430 Future-proof taxation - European Commission proposes new, ambitious business tax agenda]
 
*[[Media:2015_10_Oct_-_Walk_the_line.pdf| Walk the line, The Treasurer, 2015]]
 
== See also ==
* [[Acquisition accounting]]
* [[ASC 350]]
* [[Book value]]
* [[Consolidated group accounts]]
* [[Financial reporting]]
* [[FRS 102]]
* [[Goodwill on consolidation]]
* [[IAS 38]]
* [[IFRS 3]]
* [[Impairment]]
* [[Intangible assets]]
* [[International Financial Reporting Standards]]  (IFRS)
* [[Know-how]]
* [[Market value]]
* [[Negative goodwill]]
* [[Net assets]]
* [[Reputational risk]]
* [[Research & development]]
* [[UK GAAP]]
* [[US GAAP]]


[[Category:Accounting,_tax_and_regulation]]
[[Category:Accounting,_tax_and_regulation]]
[[Category:The_business_context]]
[[Category:Corporate_finance]]

Latest revision as of 20:57, 12 February 2023

1. Intangible assets - financial reporting.

Goodwill is an intangible asset representing the additional premium - in excess of the book value of net assets - paid to acquire control of a business.

Also known as positive goodwill.


2. Financial reporting - consolidated accounts.

The excess of the total book value of the whole business, above the net value of its individual assets and liabilities.

Relevant accounting standards include IFRS 3 and IAS 38 under IFRS, ASC 350 under US GAAP, and Sections 18, 19 and 27 of FRS 102 under UK GAAP.


3. Intangible assets - reputational risk management.

The positive reputation of a business.

It can sometimes be estimated as the difference between the market value of a business and its adjusted book value.


See also

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