Brand names - audit process, Auditing

Brand Names - Audit Process

Few companies in current years have placed valuations on the brand names of the goods such they sell.  On the balance sheet the valuation is shown.  The reason for responsibility that is the brand name is valuable to the company such it helps to sell the company's goods.  Assume an example, may people would quite buy a 'branded' tin of soap powder, quite than the 'own make' offered through a supermarket.  So IAS 38 not allows recognition of internally created brands.

The auditor must consider for purchased brands:

(i) Is the brand name valued corresponding to an acceptable procedure, and not just 'guessed' through the directors?

(ii) Is the value being amortized over an acceptable time such relates to the future or further sales of the brand?

(iii) Has the credit entry for the debit been adequately display as a non-distributable reserve upon the balance sheet?

(iv) Is there adequate disclosure in the financial statements of the accounting policy?

Posted Date: 1/25/2013 2:32:22 AM | Location : United States

Related Discussions:- Brand names - audit process, Assignment Help, Ask Question on Brand names - audit process, Get Answer, Expert's Help, Brand names - audit process Discussions

Write discussion on Brand names - audit process
Your posts are moderated
Related Questions
Audit Approach The auditor: 1) Must get the cooperation of the client, as simply the client can authorise third parties that communicate along with the auditor. 2) Choos

What is business risk and what controls should organizations have in place?  Business Risk and Controls Business or operational risks related to the activities carried out

Cost and Authorization - Auditing Process The cost of building and land acquired while the year should be vouched to suitable documentation.These are contract of sale, surveyo

Buyers - Disclosure and Presentation This case (case of Aluminium Industries vaassen B V v. Romalpa Aluminium Ltd) are simply relevant whether creditors involve a material amo

Conformity and Conservatism - External Auditor Report Conformity Although the user of the accounts expects the accounts to conform to general accepted accounting princi

Question 1: "While their roles sometimes overlap, financial statement auditors and forensic accounting investigators tackle financial fraud issues from different perspectives,

? Decide what areas of the company will be audited and the frequency of the audits. Prepare a yearly audit schedule and distribute. ? Make an audit plan. Decide what other audit r

Final Review of the Financial Statements The work we have considered so far has shown which the auditor first gathers facts that the enterprise and the environment it operates

how EDP audit is carried out

Question 1: What do you meant by Proactive Project Management? Define Proactive Project Management Bring out significance of Proactive Project Management with an exa