ABSTRACT: The Roman Holiday Pizza Paradise case provides a setting that requires students to understand and perform procedures related to the audit of a fair value estimate in connection with the impairment of an unusual intangible asset, reacquired franchise rights, in the pizza restaurant industry. The case focuses on one key aspect—auditing fair market values—a concept that is increasing in importance as financial accounting standards evolve toward a fair value basis and one that requires the development of auditor judgment. Planning activities as well as performance of year‐end auditing procedures are included in this self‐contained module that incorporates client interaction and obtained external evidence.
Auditing Intangible Assets and Evaluating Fair Market Value: The Case of Reacquired Franchise Rights
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Mark J. Kohlbeck, Jeffrey R. Cohen, Lori L. Holder‐Webb; Auditing Intangible Assets and Evaluating Fair Market Value: The Case of Reacquired Franchise Rights. Issues in Accounting Education 1 February 2009; 24 (1): 45–61. doi: https://doi.org/10.2308/iace.2009.24.1.45
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