Question 1 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...
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Australian accounting

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Question 1
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, jokes 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 AASB 138/IAS 38, and discuss the difficulties for standard setters
in allowing the recognition of all brands and formulas on statements of financial position.

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