Quote from: Peter Lambert on July 03, 2013, 06:43:14 PM

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?

The payout is listed as an expense (in red, first table). The thing which was obtained in exchange for it is listed as an asset, of the intangible kind. I won't bother with the pedestrian discussion of goodwill as understood by the local wikipedia experts.

Quote from: cusdog on July 03, 2013, 08:48:22 PM

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.

I would guess reading diligently is not where your interests lie. You know there's something to be said for reading with a view towards understanding the subject matter, as opposed to whatever it is you're doing.

Quote from: Jim Rockford on July 03, 2013, 11:49:07 PM

HAHAHAHHAHAHAHAAHAHAHAHAHAHAHA

Liar, Lunatic or Lounge Lizard.

I take it you rarely see people.