Writing Assignment (Unrecorded assets should stay unrecorded)
You are a member of the most popular student club on campus, the Accounting Ant defamation Organization. Recently, the field of accounting was savagely attacked in an article written by a militant economics student group and published in the student newspaper. The article charged that the balance sheet is stupid, outdated, and useless and cited as an example the accounting practice of not recognizing many intangible assets. As a specific illustration, the article claimed that the name recognition, reputation, and goodwill of the Coca Cola trademark are worth over $67 billion, but these assets are not recorded in Coca Cola’s balance sheet. You have been asked by the editor of the student newspaper to respond in writing to this vicious assault by the economics students. Don’t cave in to the pressure—argue persuasively why these unrecorded assets should stay unrecorded.