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Exercise 13.2 BRANDS AND FORMULAS *Wayne Upton (2001, p. 71) in his discussion of the lives of intangible assets noted that the formula for Coca-Cola
Exercise 13.2 BRANDS AND FORMULAS *Wayne Upton (2001, p. 71) in his discussion of the lives of intangible assets noted that the formula for Coca-Cola has grown more valuable over time, not less, and that Sir David Tweedie, former chairman of the IASB, joked that the brand name of his favourite Scotch whisky is older than the United States of America and, in Sir David's view, the formula for Scotch whisky has contributed more to the sum of human happiness. Required Outline the accounting for brands under IAS 38, and discuss the difficulties for standard setters in allowing the recognition of all brands and formulas on the statement of financial position
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