Introduction

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Goodwill tis tdefined tas tthe texcess tbetween tthe tamount tpaid tfor tthe tpurchased
company tand tthe tbook tvalue tof tit. tThis tis ta ttype tof tintangible tnon-current tasset
t

recording ton tbalance tsheet tof tconsolidated tfinancial tstatement twhen ttwo tfirms tare
t

merged. tIt tis talso tconsidered tan tintangible tasset tbecause tit tis tnot ta tphysical tasset
t

like tbuildings, tequipments tor tlands,… tCompanies tpay tattentions tto tdisposition tof
t

goodwill tbecause tof tthe tpotenciall teffects ton tfinancial tdecisions tand tultimate ttax
t

treatment tfor trelated taccounts. tInspite tof tits timportance, tmany tfirms tstill tmake
t

misstatements twhen trecognize, tmeasure tor trecord tthis titem. tMoreover, tthere tare ta
t

lot tof tfirms twhich tintentionally tmake tfrauds tto tconceal ttheir tdifficult tfinancial
t

situation. tThe tmisjudge tof tgoodwill tvaluation teven tleads tto tbad tsignificant teffects
t

on tcompany. tHewlett-Packard t(hereafter tis tHP) tand tAutonomy tacquisition tis tan
t

clear texample tof tmisstatement tabout tgoodwill. tThis tcase tstudy twill tbe tdescribled
t

and tdiscussed tmore tclearer tin tbelow. t

t

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I. Hewlett-Packard and Autonomy Acquisition Introduction.

HP t was t an t American t multinational t information t technology t company
headquartered tin tPalo tAlto, tCalifornia. tIt tdeveloped tand tprovided ta twide tvariety tof
t

hardware tcomponents tas twell tas tsoftware tand trelated tservices tto tconsumers,
t

small- tand tmedium-sized tbusinesses t(SMBs) tand tlarge tenterprises, tincluding

t

customers tin tthe tgovernment, thealth tand teducation tsectors. tHP tspecialized tin
t

developing tand tmanufacturing tcomputing, tdata tstorage, tand tnetworking thardware,

t

designing tsoftware tand tdelivering tservices.

t

Autonomy tCorporation tis ta tmultinational tenterprise tsoftware tcompany tfounded tin

Cambridge, tUnited tKingdom tin t1996. tOriginally, tthe tcompany tspecialised tin
t

analysis tof tlarge tscale tunstructured t"big tdata". tIt tbecoming tthe tUK's tlargest tand
t

most tsuccessful tsoftware tbusiness tby t2010. t

t

HP twas tthe tworld’s tbiggest tmanufacturer tof tpersonal tcomputers, thad toffered tto
acquire tthe tBritish tsoftware tcompany tAutonomy. tWhile tthe tlatter tis thardly ta
t

household tname, tit tgets tclose tto t$1 tbillion tin trevenue teach tyear tfrom tsoftware tthat
t

can tturn thuge tvolumes tof timages, ttext, tand tvideo tinto tuseful tstatistics tand tinsights
t

for tbusinesses. tAcquiring tthat ttechnology twill tenable tHP tto texpand tits tbusiness
t

software tproducts, tand tput tit tin ta tgood tposition tto texploit ta ttrend tdubbed t“big
t

data.” tBusinesses tare tincreasingly tinterested tin tfinding tways tto tdistill tmeaning
t

from tthe tgrowing tpiles tof tdigital tinformation, tfrom ttweets tto tvideo, tflowing
t

through tour tlives tat twork tand tat thome.

t

Autonomy twas tacquired tat tabout t$11 tbillion twith ta tpremium tof taround t79% tover
market tprice tthat twas twidely tcriticized tas t"absurdly thigh" tdeal tin tOctober t2011.
t

Within tone tyear, tHP trelied ton timproprieties, tmispresentation, tand tdisclosure
t

failures tin tthe tfinancial tstatements. tOn tNovember t20, t2012, tHP tused t$8.8 tbillion
t

to twrite tdown ta tbotched tacquisition tof tU.K tCorporation. tThe twrite-off twas
t

describled tas ta tnon-cash tcharge tfor tAutonomy’s tacquisition. tHP tclaims tthis
t

resulted tfrom t"accounting timproprieties, tmisrepresentations tand tdisclosure

t
failures" tby tthe tprevious tmanagement, twho tin tturn taccuse tHP tof ta t"textbook
t

example tof tdefensive tstalling" tto tconceal tevidence tof tits town tprior tknowledge tand
t

gross tmismanagement tand tundermining tof tthe tcompany, tnoting tpublic tawareness
t

since t2009 tof tits tfinancial treporting tissues and tthat teven tHP's tCFO tdisagreed twith
t t

the tprice tpaid. tExternal tobservers tgenerally tstate tthat tonly ta tsmall tpart tof tthe
t

write-off tappears tto tbe tdue tto taccounting tmis-statements, tand tthat tHP thad
t

overpaid tfor tbusinesses tpreviously.

t

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II. “The problems in this situation”.

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1. How Autonomy fooled HP?

 The tallegations tare tthat tpeople tat tAutonomy tran ttheir tbooks tin tsuch ta tway tthat tit
made tthe tcompany tseem tmore tvaluable tthan tit twas. tHP tsays tAutonomy twas
t

selling tsome tlow-margin thardware tat ta tloss tbut tbooking tthose tsales tas thigh-margin
t

software tsales. tIt twas tallegedly thiding tthis tby treporting tsome tportion tof tthe tcost tof
t

those tproducts tas ta tmarketing texpense, trather tthan tas ta tcost tof tgoods tsold.
t

Moreover, tHP tis talso taccusing tAutonomy tof tnot tproperly treporting tdeals tto
t

license tits tsoftware tto tresellers—partners twho tsold tAutonomy tsoftware twith
t

packages tof thardware tor tservices. tThese tdeals twere tallegedly treported tas trevenue
t

in tadvance tof tactual tsales tto tcustomers tusing tthe tsoftware. tOn tthe tother thand, tHP
t

is talso taccusing tAutonomy tof tnot tbooking tits tsoftware-as-a-service tsales tcorrectly.
t

Revenue ton tsoftware-as-a-service tdeals tshould tonly tbe trecognized twhen tthe
t

customer tpays, taccording tto taccounting tstandards—typically ton ta tmonthly

t

subscription tbasis. tHP tsays tAutonomy twas treporting tthese tdeals tas tif tthey twere
t

software-license tagreements tand trecognizing tall tthe trevenue tupfront. t

t

Beside, tHP twas ttold tby tKPMG tthat tdifferences tbetween tIFRS tand tUS tGAAP
would timpact thistoric tgrowth trates: t“ tThere tmay tbe tdifferences twhich tcould
t

impact tthe thistorical tgrowth trate tand tthe ttiming tof trevenue trecognition tpost-
t

closing. t… tWhen tdata tbecomes tavailable, tconsider tUS tGAAP tdifferences ton
historical tgrowth trates tand tthe tpotential timpact ton trevenue trecognition tin
t

immediate tpost-acquisition tperiod” tKPMG tReport. tConclusion, tViewed tthrough

t

an tIFRS taccounting tlens, tthese ttransactions tcouldn’t tbe tcalled trevenues tbecause
t

Autonomy tdidn’t ttransfer tthe trisk tand trewards tof tsoftware townership tto tthe tbuyer,
t

at tquarter tend. tLynch tused tfalse tand tmisleading tstatements tfrom t2009, t2010 tand
t

early t2011 t“to tmake tAutonomy tmore tattractive tto ta tpotential tpurchaser tlike tHP,”
t

according tto tthe tindictment, twhich tsays tLynch tmade t$815 tmillion twhen tHP
t

acquired this tAutonomy tshares. tShould tthe tAutonomy tauditors thave tcaught tthe
t

fake ttransactions? tPossibly. tHad tthey tinvestigated tthe treseller ttransactions tto tsee tif
t

the tinitial tsales tto tresellers tresulted tin tsales tto tend tusers t– tnot tall tof tthem tdid,
t
remember t– tthey tmight thave tprobed tfurther. tThere twere tonly t30 tsuch ttransactions
t

over ta t10-quarter tperiod: tthe tauditors twould thave tbeen tawfully tlucky tto tfind
t

transactions tthat tpiqued ttheir tcuriosity tout tof tsuch ta tsmall tpopulation tand tover
t

such ta tlong ttime tframe. tIf todd ttransactions talways tshowed tin tthe tlast tfew tdays
t

leading tup tto tthe tquarter tend, thowever, tthey tshould thave tnoticed tand tdug tfurther. t
t

On tthe tday, tMs tWhitman tconducted ta tnumber tof tmedia tinterviews, ttelling tCNBC,
t

the tUS tfinancial ttelevision tnetwork, tthat tafter tfiring tMr tLynch tfor tAutonomy’s
t

poor tfinancial tperformance ta t“senior texecutive tof this tteam tcame tforward tto ttell tus
t

about tthese taccounting timproprieties, tabout toutright tmisrepresentations tand

t

disclosure tfailures”. tShe tadded: t“We tbelieve tthat tthere tis ta twilful teffort ton tthe tpart
t

of tcertain tmembers tof tAutonomy tmanagement tto tmislead tshareholders twhen

t

Autonomy twas ta tpublicly theld tcompany tand tmislead tpotential tbuyers tincluding
t

HP.” T
t

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2. “The discussion about the HP’s reaction.”

HP _alleges _that _Autonomy _falsified _its _financial _statements; _if _its _allegations _are
_ true, _it _would _then _appear _that _neither _HP's _outside _auditing _firm, _Ernst
_ &Young, _nor _Autonomy's _firm, _Deloitte, _caught _any _mistakes. _In _the _case _of
_ HP's _acquisition _of _Autonomy, _given _the _charge _announced _in _November.
_ Investor _advisors _are _also _asking _for _the _removal _of _some _board _members _and
_ the _independent _auditor, _Ernst _& _Young _at _HP's _annual _meeting _of _shareholders
_ on _March _20. _They _blame _the _directors _for _inadequate _oversight _of _the
_ Autonomy _acquisition. _HP's _board _has _in _a _separate _letter _recommended _to
_ shareholders _to _vote _for _each _of _the _nominees _to _the _board, _including _Lane,
_ Thompson _and _Hammergren. _It _also _recommended _ratification _of _Ernst _&
_ Young _as _independent _auditor. _"These _improprieties _were _discovered _through
_ an _internal _investigation _after _a _senior _member _of _the _Autonomy _leadership
_ team _came _forward _following _the _departure _of _(former _Autonomy _CEO _Mike
_Lynch) _on _May _23rd," _Whitman _said. _Autonomy’s _auditors _Deloitte _are
_sticking _to _their _gun, _but _HP’s _auditors, _EY _won’s _give _an _opinion _on _the
_restated _numbers, _citing _lack _of _“appropriate _evidences”.

"Based _on _this _information _HP _initiated _an _intense _internal _investigation

_generated _goodwill _should _not _be _capitalised _and _internally _developed

_intangible _assets _should _be _capitalised _only _where _they _have _a _readily
_ascertainable _market _value. _Although _the _amount _of _general _intangible
_assets _of _Autonomy _is _making _a _big _dout. _So, _it _was _not _valued
_unrealiably. _ _HP _intentionally _recorded _these _on _the _financial
_statement. _HP's _mistake, _in _addition _to _questions _over _the _amounts _it
_initially _decided _to _write _down _goodwill _by _and _subsequently _booked,
_demonstrates _that _the _concept _of _goodwill _is _uncertain _and _open _to
_interpretation. _To _determine _goodwill _amounts, _companies _usually _rely
_on _their _own _accountants, _but _they _will _also _turn _to _valuation
_consultants _to _help _estimate.

In _reality, _other _tangible _assets, _including _the _depreciated _value _of _land _and
_equipment _is _also _subject _to _estimates _and _other _interpretations, _but _these _other
_values _can _at _least _can _be _linked _with _either _a _physical _good _or _asset. _In
_contrast, _goodwill _is _more _difficult _to _place _a _firm _value _on. _A _2009 _article _in
_The _Economist _described _it _as _"an _intangible _asset _that _represents _the _extra
_value _ascribed _to _a _company _by _virtue _of _its _brand _and _reputation."

Back _in _November _2012, _when _it _released _its _fourth _quarter _results, _computer
_giant _Hewlett-Packard _announced _that _it _would _be _taking _an _$8.8 _billion _charge
_to _write _down _a _botched _acquisition _of _U.K _- _based _Autonomy _Corporation
_PLC. _In _acquisition _accounting, _goodwill _is _generally _understood _to _represent
_the _value _of _a _respected _business _brand, _good _customer _relations _and _other
_intangible _assets. _The _impairment _charge _will _not _have _an _impact _on _cash _flow,
_HP _said. _The _write-off, _which _was _described _as _a _non-cash _charge _for _the
_impairment _of _the _Autonomy _purchase, _included _goodwill _and _intangible _asset
_charges. _And _it _attributed _more _than _$5 _billion _of _the _write-off _to _what _it _called
_a _“willful _effort _on _behalf _of _certain _former _Autonomy _employees _to _inflate _the
_underlying _financial _metrics _of _the _company _in _order _to _mislead _investors _and
_potential _buyers,” _adding, _“These _misrepresentations _and _lack _of _disclosure
_severely _impacted _H.P. _management’s _ability _to _fairly _value _Autonomy _at _the
_time _of _the _deal.” _HP _shares _dropped _in _morning _trading _by _13.26 _percent, _or
_$1.76, _to _$11.54 _- _about _the _level _they _were _in _2002 _in _the _wake _of _the _dot-
com _bust.
Around _the _same _time, _investors _began _legal _action _over _how _the _takeover _was
_handled. _What _would _then _proceed _to _happen _was _a _PR _war _between _both
_camps, _with _former _Autonomy _CEO _Mike _Lynch _referring _to _"non-specific _but
_highly _damaging _allegations" _from _HP. _Even _the _US _Justice _Department _was
_dragged _into _the _mix, _along _with _the _US _Securities _and _Exchange _Commission.
_Several _months _later _in _March _2013, _the _litigation _spilled _out _across _the
_Atlantic, _with _both _the _UK’s _Serious _Fraud _Office _and _Financial _Reporting
_Council _(FRC) _looking _into _Autonomy's _published _financial _reports.
In _October, _around _the _time _that _HP _would _split _into _HPE _and _HP _Inc, _Lynch
_went _to _the _UK _High _Court, _seeking _$150 _million _in _damages, _due _to
_allegations _made. _That _came _shortly _after _court _documents _emerged, _revealing
_that _HP _was _aware _of _dodgy _accounting _practices _at _Autonomy _prior _to _the
_acquisition. _Now, _finally _after _over _half _a _decade _of _controversy _and _vitriol,
_HPE _has _closed _the _book _on _the _Autonomy _nightmare, _fully _relinquishing _any
_part _of _the _company _that _still _remained. _“Autonomy _was _a _distraction _– _a _big
_one _– _and _HPE _can _now _stop _spending _its _energy _on _defending _its _decision _and
_dealing _with _the _aftermath,” _said _Glenn _O’Donnell, _a _Forrester _Research
_analyst. _The _government _argues _that _Lynch’s _reassembling _of _his _Autonomy
_inner _circle _at _the _new _firm, _including _Hussain, _isn’t _illegal _by _itself _but _may
_have _created _financial _relationships _that _prevented _some _of _those _people _from
_coming _forward _as _witnesses. _“Where _the _same _circle _of _participants _who
_defrauded _Autonomy’s _investors, _HP, _and _HP’s _investors _are _all _reliant _on _the
_wealthiest _of _the _co-conspirators, _the _government _has _legitimate _concerns _about
_hush _money,” _prosecutors _said _in _a _court _filing. _Thursday’s _indictment, _filed _in
_San _ Francisco _ federal _ court, _ also _ names _ 46-year-old _ Stephen _ Keith
_Chamberlain, _who _was _Autonomy’s _vice _president _for _finance, _as _a _defendant.
_Lynch _and _Hussain _also _face _a _$5.1 _billion _civil _case _filed _by _Hewlett-Packard
_in _London.

“The legal case between HPE and Lynch is still set to continue however, with the
parties due in a London court next year over a $5.1 billion legal battle.”
In conclusion, The kFinancial kAccounting kStandards kBoard k(FASB) kissued kASU
kNo. k2014-02 kin kJanuary k2014 kwhich know kallows kcompanies kto kamortize
kgoodwill kfor kbook kpurposes k(Generally kAccepted kAccounting kPrinciples k–
kGAAP). k k Some kmight krecall kthat klong kago, kGAAP kspecified kgoodwill kwas
kamortized kover k40 kyears kand kthat kFASB kchanged kGAAP kto kwhere kgoodwill
kcould kno klonger kbe kamortized kat kall. k kUnder kthe kno-amortizing kpolicy, kgoodwill
kwas kto kbe kexamined kat kleast kannually kfor kimpairment kand kwritten kdown kif kfound
kto kbe kimpaired. kEffective kfor kannual kperiods kbeginning kafter kDecember k15, k2014
k(can kearly kadopt kif kfinancials khave knot kbeen kissued), kif kelected, kcompanies kcan
know kelect kto kamortize k(straight kline kbasis) kgoodwill kover k10 kyears k(will kcontinue
kto kbe k15 kyears kfor ktax kpurposes) kor kless kif kthe kentity kcan kdemonstrate kthat
kanother kuseful klife kis kappropriate. k kIf kelected, kthe knew kaccounting kpolicy kstill
krequires ktesting kfor kimpairment kat keither kthe kentity klevel kof kreporting kunit klevel
kwhen ka ktriggering kevent koccurs.

This kaccounting kalternative kis kin kresponse kto kthe kneeds kof kcompanies kand ktheir
kstakeholders kto ksave kon kthe kcost kof ktesting kfor kimpairment kon ka kyearly kbasis. k
kGoodwill kis kalso koften kdisregarded kwhen ktrying kto kobtain ka kloan, ksell ka
kcompany kor kcalculate kvalue kso kthis kallows kfor kthe kremoval kfrom kthe kbooks kover
ka kperiod kof ktime kand kprevents kthe klikelihood kof kimpairment khappening.
HP, kand kother kfirms kthat kend kup kwriting kdown ksignificant kamounts kof kgoodwill,
kare kquick kto kpoint kout kthat ka kgoodwill kimpairment kcharge kis knon-cash, kand kso
kdoes knot kaffect kcash kflows. kIt krepresents, khowever, ka khuge kpast kmistake kthat
kdrained kthe kcorporate kcoffers. kIn kregard kto kHP, kwhich kfunded kthe kAutonomy
kpurchase kthrough kcash kreserves, kit kended kup kdestroying kbillions kin kshareholder
kvalue, ksince kthe kcompany kis kworth konly ka kfraction kof kits kearlier kestimated kvalue.

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III. “The consequence of HP and Autonomy acquisition.”

On kJuly k31, k2011, kshortly kbefore kthe kannouncement kof kthe kAutonomy
kacquisition, kHP khad ka kmarket kvalue kof k$72 kbillion. kThree kmonths klater, kafter kthe
kcompletion kof kthe kacquisition, kHP khad klost k$26 kbillion kof kits kmarket kvalue,
krepresenting ka k37 kpercent kdecline kin kits kstock kprice kin kjust kthree kmonths. kOver
kthe knext k12 kmonths, kthe kcumulative kdecline kin kmarket kvalue kreached k$45
kbillion, krepresenting ka k61 kpercent kdecline. k k
 Figure t2a tdemonstrates tthe tdisastrous teffect ton tHP’s tbalance tsheet tand tmarket
value tas ta tresult tof tthe t$11.1 tbillion tacquisition. tNet tlong-term tdebt t(long-term
t

debt tminus tcash) twent tfrom tonly t$6 tbillion tto t$14.5 tbillion tduring tthe tquarter tof
t

the tacquisition, tan tincrease tof t$8.5 tbillion. tThe tincrease twould thave tbeen teven
t

greater thad tHP tnot treceived tthe t$1 tbillion tin tcash ton tAutonomy’s tbalance tsheet.
t

As tmentioned tearlier, tthe tstock tprice tfell tby t37 tpercent tin tthe tquarter tof tthe
t

acquisition tand ta ttotal tof t61 tpercent tthrough tthe tnext t12 tmonths. tIn tterms tof tloss
t

of tshareholder tvalue, tthe tlosses tin tthe tthree- tand tfifteen-month tperiods twere t$26
t

billion tand t$45 tbillion, trespectively.

t

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IV. “The experimence from this situation.”

HP and Autonomy Acquisition is one of significant accounting scandals in the
world which relates to the recognizing, measuring, recording in the financial
statements. The fraudulent of Autonomy was cooking the book to fool HP
Corporations and HP’s reactions made the problems become more serious. After
this case study, all companies need to keep in their memories some notes below
before reporting these financial reports. And the prudent of the accountants must be
top up when recording all items, specially with intangible assets and goodwill of
the merging company. The financial statements must be reaudited before making
decisions by an reputable auditing firm with an experienced auditing team. The
investors even hire some audit firms review the financial reports of the seller to
make sure about their situation. Because this is an important factor to take a
reasonable price. The investors or the buyers need using the different methods to
get an reasonable price for the real valuation of buyer financial abilities. If the
valuation is overstated, the benefits of this acquisition is under targets.
All tthe tclassic tadvice tapplies. tCareful tassessments tof tstrategic tfit tare tcritical.
Gaining tcomfort tabout tthe treliability tof tfinancial tresults tis tof tfundamental
t
importance. tUnderstanding tthe teconomic tincentives tof tauditing, taccounting, tand
t

banking tprofessionals tand tapplying tappropriate tprofessional tskepticism tto tthe

t

assertions tand tinformation tthat tthose tprofessionals tprovide twould tbe twise. tAnd
t

accepting tand tplanning tfor tthe trealistic tfact tthat tacquisitions tdo tnot talways tresult
t

in tvalue-added toutcomes twould tseem tto tbe tprudent.

t

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a a a Referencesa a a a

1. https://en.wikipedia.org/wiki/HP_Autonomy
2. shttps://bus.wisc.edu/mba/current-students/mba-specializations/corporate-
finance-investment-banking/blog/2012/12/12/hewlett-packard-auditing-
 implications-of-the-autonomy-acquisition?
fbclid=IwAR0eojwx22NJfGiFyGTEZo-
aJFyRMqZYNxu8muhAmMErDmMy4h5t0KLGcxE
3. https://www.cio.com/article/2387658/hardware/hp-s-autonomy-acquisition-

under-investigation-in-the-uk.html
4. https://www.computerworld.com/article/2493320/data-center/hp-takes--8-8-

billion-charge-on-autonomy-accounting-improprieties.html
5. https://www.ft.com/content/307e85d4-8f3c-11e3-9cb0-00144feab7de

6. https://www.bloomberg.com/news/articles/2018-11-29/ex-autonomy-ceo-

lynch-indicted-for-fraud-tied-to-2011-hp-deal
7. https://www.technologyreview.com/s/425074/why-hp-wants-autonomy-

math-skills/
8. https://www.iasplus.com/en-us/standards/ifrs-usgaap/goodwill
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