In preparation for the annual meeting of Barker County the

#6793
In preparation for the annual meeting of Barker County, the finance committee was meeting to
discuss the financial reports that would be presented to the Board of Commissioners. The
committee included a newly elected commissioner, Michelle Backin, who graduated about 15
years ago with a business degree from the local college. After a long discussion about why the
presentation of the financial information was so different from what she had learned in her
accounting principles course, the county treasurer, Jack Black, was wrapping up the
meeting."Are there any final questions from anyone on the committee?" Jack asked. Michelle
raised her hand. "I just have one more question. Since the county has the power to tax,
shouldn't there be an intangible asset in the government-wide financial statements that reflects
the value of that power? Isn't it similar to owning a patent or trademark that allows you to
produce future revenue? And I know that patents and trademarks are intangible assets." Jack
looks at you, and says "Why don't you answer this question for Michelle?"Requireda. First,
present to Michelle the requirements that need to be met for an intangible asset to be recorded
in the county's financial statements. Your discussion should be in language that a person
without significant accounting knowledge would understand.b. Using those requirements,
explain in detail whether the power to tax meets the definition of an intangible asset.c. Is there a
point in time when the power to tax creates an asset? Explain.View Solution:
In preparation for the annual meeting of Barker County the

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