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Shinyungwe Limited is a fast - growing shoe manufacturing company that was inspired by the international success of the well renowned sprinter, Christine Mboma. Shinyungwe
Shinyungwe Limited is a fastgrowing shoe manufacturing company that was inspired by the international success of the well renowned sprinter, Christine Mboma. Shinyungwe Limitedcommenced with the process of listing on the Namibian Stock Exchange NSX to raise capital
for the business expansion.Shinyungwe Limited developed the Mboma brand of running shoes. The brand was legally registered upon development and has gained increasing popularity among runners in Africaand Europe. Shinyungwe Limited launched the Mboma brand during and the success of the brand has seen substantial growth in the company profits. An independent sportswear valuator determined the fair value of the Mboma brand to be N$ million at December
The CEO of Shinyingwe Limited has proposed for the recognition of the brand in the December financial statements as it will improve the financial position of the company and boost investor interest.
Required:
Discuss whether the accounting treatment for the Mboma brand proposed by the CEO is in accordance with International Financial Reporting Standards.
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