ABSTRACT
Goodwill is the part of the enterprise value that does not appear in fi nancial statements but that emerges only when acquired (individually or in a business combination). It is a hidden value that, generally, the accounting standards defi ne in the following way (in particular, see accounting standards SFAS 141, SFAS 142 and IFRS 3):
the value of the future economic benefi ts;• arising from assets that are not individually identifi ed and separately • recognized.
