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Please give me advise to answer these question below (assuming I am an accountant and have to reply to the customer) 1.
Please give me advise to answer these question below (assuming I am an accountant and have to reply to the customer)
1. At our recent board meeting, several directors raised concerns about an intangible asset relating to a brand name 'Sun 'n Surf Shirts' which has been successfully developed by the business over the past decade. The directors want to recognize $800,000 for this asset as at 30 June 2018, being a 'directors' valuation'. Could you please provide advice on the correct presentation of such intangible assets and any potential changes in accounting policy?
My answer is; This intangible asset don't appear on the balance sheet because brand name doesn't have market value, can't be amortized, and is with infinite life. Is this correct? If this is not correct, how should I answer this question? Also, I'm not sure what I should mention regarding "potential changes in accounting policy".
