According to Accounting Standard 26, how should self-generated goodwill be accounted for?

It should be debited to the goodwill account and written off in the same financial year.

Accounting Standard 26 states that self-generated goodwill should not be accounted for in the books and shown as an asset. Therefore, it should not be included as an asset on the balance sheet. Instead, if self-generated goodwill is mistakenly debited to the goodwill account, it should be written off in the same financial year. This means that any amount recorded as self-generated goodwill should be reversed or eliminated from the financial statements within the same reporting period. Thus, the correct approach for self-generated goodwill, as per Accounting Standard 26, is to not account for it as an asset and to write it off in the same financial year if it has been mistakenly recorded.