Re: Accounting for the nonzero asset corporation. The MPEx standard.
Without trying to start an argument, I was curious why the S.MG art contest payout was listed as an asset and not an expense?
Any framework or set of criteria with respect to capitalization vs. expensing that is loose enough to deem the contest payout to be capital in nature can be used to justify capitalized just about every other expense imaginable. There is a reason that preexisting standards are so stringent with respect to capitalization criteria (identifiability, future economic benefit, measurability, etc). This all seems to be lost on MP.
This led me to: http://en.wikipedia.org/wiki/Goodwill_(accounting)
