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

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Goodwill is defined as future economic benefits arising from assets that are not capable of being individually identified and separately recognised, according to IFRS 3/AASB 3 Business Combinations. It is an intangible asset that arises from the acquisition of one company by another when the purchase price paid by the acquirer exceeds the fair value of the identifiable net assets acquired. Goodwill represents the value of a company's reputation, customer relationships, brands, and other intangible assets that contribute to its ongoing profitability.

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