Question 4 The financial statements do not provide for the identification and measurement of internally developed brands. For example, the Apple brand, as calculated by illward Brown Optimor, a WPP company, now stands at US$187billion and has emerged as the most valuable brand in the world. (Source: www.wpp.com, 9 January 2016) Under IAS 38 Intangible Assets, brands that are internally generated should not be recognized as assets, even though they represent a significant proportion of market values of organizations Brands represent one of the most important assets of a company. Including such assets in the statement of financial position would lead to more informed and improved decision- making A case can be made for putting all brands onto the company's statement of financial position (whether they are purchased or internally developed), to disclose to shareholders and others, the true value of the assets of the business Required: Critically discuss the above statements, stating arguments for and against including a value for all brands on the statement of financial position