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We all knew that some internally-generated intangible asset is not recognised in the financial statements: brand, customer list as the cost of them can not be reliably estimated
Then if A sell a brand to B,how can the FS of A be accounted for?Just clarify my question:
As you know ,when you sell inventory or disposal asset… , the double entry is
Dr expense( disposal ) Cr inventory( asset)
Dr cash… Cr revenue( disposal)
Then in the case ur company sell a brand or customer list and have no right use it( ie transfer the right to ur customer ),then it need to derecognise the asset ( dr expense cr asset)
But as there is no asset here in the fs , how can it be derecognised
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