Question

In: Accounting

   PUT THIS BELOW IN YOUR OWN WORDS NEED THIS ASAP THANKS 1.Because Disney has developed...

   PUT THIS BELOW IN YOUR OWN WORDS NEED THIS ASAP THANKS

1.Because Disney has developed its brand name itself instead of purchasing it from another company, no value is recognized in the financial statements. However, Disney does recognize the costs of registering and successfully defending its rights and trademarks.

2.

The Company is required to test goodwill and other indefinite-lived intangible assets for impairment on an annual basis and between annual tests if current events or circumstances require an interim impairment assessment. Goodwill is allocated to various reporting units, which are generally an operating segment or one reporting level below the operating segment. The Company compares the fair value of each reporting unit to its carrying amount to determine if there is potential goodwill impairment. If the fair value of a reporting unit is less than its carrying value, an impairment loss is recorded to the extent that the fair value of the goodwill within the reporting unit is less than the carrying value of its goodwill. Amortizable intangible assets are generally amortized on a straight-line basis over periods of up to 40 years.

Solutions

Expert Solution

1. As per FASB Statement 141 and FASB Statement No. 142, intangible assets are not to be recorded in the books of the accounts because the primary requirement to record any asset is to know its fair value. Fair value cannot be determined for these assets which are internally generated. However, IA which are purchased can be valued and recorded on the basis of the price paid to acquired them. Though, standards allows company to capitalise the costs of registering and successfully defending its rights and trademarks over the time.

2. Altohugh goodwill internally generated is not accounted in books, but goodwill acquired during mergers and acquisitions is required to be recorded along with other inangible assets. As per standards, these are checked for impairment at the end of the reporting period or are if events require than in mid year. Impairment allows company to give effect to the downfall in the value of these assets. As an accounting tratment, these are reported as fall in the fair value and is deducted from the carrying value.


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