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?
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.
Aha, I had forgotten about the artwork retained after the contest. I guess I saw the category "Intangible assets and goodwill" and mistakenly thought that was part of goodwill rather than an intangible asset. Thanks for answering my question
But now we know a bit more about "goodwill". Is it used in the same way in this accounting standard as described in the wikipedia quote? (If somebody wants to cite a better source than wikipedia, that would be great too)