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
How do internal auditors add to the credibility of financial statements?

Question : (a) Describe the following terms: 1) Forensic Accounting; 2) Forensic Investigation; 3) Forensic Auditing. (b) Explain the basic elements to consider for

Benefits of Internal Audit are following: It is in-expensive. No charted accounted is needed to audit internally. Faults will be removed before preparing financial stateme

internal control procedures to be put in place when purchasing a motor vehicle

Q. What do you understand by Yellow Book? Yellow Book - Written by GENERAL ACCOUNTABILITY OFFICE, yellow book sets forth standards to be followed in auditing FINANCIAL STATEMEN

Internal Audit has been asked by the State to review the activities of The Commission on Workforce Development

should your test for unrecorded liabilities be affected by the fact that a letter is obtained in which a responsible management official certifies that to the test of his knowledge

Tangible Non Current Assets The verification approach is fundamentally similar in each of these.  Extensive disclosure is utilized in most countries and IAS 16 Property Equipm

Completeness of Liabilities In distortion, the directors tend to involve non-existent assets or keep out liabilities. Hence whereas along with assets we are especially concern

Communication with Expert Whether the auditor intends to utilize the work of an expert then he must communicate along with the expert well in advance to confirm the terms of e