Select a current set of published financial statements for a company of your choice. The financial statements should be recent and must be in English, otherwise there are no restrictions on your choice of company.
Brand names which are acquired through the purchase of a business can be capitalised. However, IAS 38; ?Intangible assets?, states that internally generated brands cannot be capitalised on the Statement of Financial Position.
a) Consider whether internally generated brands would meet the definition and recognition criteria as outlined in IAS 38. (15 marks)
b) Outline the advantages and disadvantages of capitalising internally generated brands. (45 marks)
c) Identify a company which has capitalised a purchased brand or other similar items i.e customer lists/contracts. What impact has this had on the Statement of Financial Position, Income Statement and key accounting ratios over the last two years. (20 marks)
d) Based on your discussions above do you agree with IAS 38 that internally generated brands should not be capitalised. (20 marks)
TOTAL 100 MARKS
Financial statements used
You do not have to submit a copy of the financial statements you have used but you should clearly indicate which they are, and you may want to include specific extracts from them to illustrate the points you have made either as appendices or in the main body of the assignment.
Tip – if you include examples as pdf extracts from an electronic copy of the report, they will not be included in the word count.
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