45 GOODWILL RESULTING FROM ACQUISITIONS.


The cumulative goodwill charged to reserves prior to 1998, arising from acquisition of subsidiaries which are still part of the Group, amounted to £70m (2010: £70m). On disposal this goodwill will be transferred directly to retained earnings.

From 1998, the Group’s policy is to recognise goodwill on the balance sheet as an intangible asset, measured at cost less any accumulated impairment losses.

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