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
Sufficiency of audit evidence The audit evidence should in total enable the auditor to form an opinion on the financial statements. Sufficiency is a measurement of the quantity

Valuation of Debtors Debtors are valued simple like other assets at the lower of cost and total realisable value. Valuation of debtors is actually a consideration of where the

postage stamps 220 currency and coins 1156.60 how much petty cash fund shall be shown as part of cash balance

describe how the auditors would determine that all investments income from shares had been properly recorded in the accounting records

Advocates - Specialized audit Situation The statutory provisions regulating the handling of client's monies are covered in the advocate's act. Reason of the rules:

what a group auditing and holding campanies in details with exmple propurly

what is the role of audit trainee in managing the discrete assignment?

Going Concern Considerations - Audit Process IAS 1 Presentation of Financial Statements knows the going related assumption as one of the fundamental assumptions that underlie

Problem 1: You have been asked to design a system of controls so as to prevent unauthorized payments being made from the bank account. You are required to identify the controls

Auditors Procedures Before Stock Taking 1) Study of the clients stock taking recommendations and instructions for improvements or changes whether the auditor considers them in