Obtain the 2013 financial statements for Thomson Reuters Corporation from the companys website or from SEDAR (www.sedar.com).

Question:

Obtain the 2013 financial statements for Thomson Reuters Corporation from the company’s website or from SEDAR (www.sedar.com).

Required:
a. How much in intangible assets did the company have at the end of 2013? How much in goodwill did the company have? What percentage of total assets did intangible assets and goodwill represent?
b. Using the balance sheet and income statement, and assuming negligible residual values, estimate the average remaining useful life of the company’s computer software at the end of 2013. Estimate this figure also for “other identifiable intangible assets” other than computer software. Also do this for goodwill.

c. What do “other identifiable intangible assets” reported on the balance sheet represent?
d. Using the information in Note 17, estimate the average remaining useful lives of the four categories of “other identifiable intangible assets” at the end of 2013. What explains the difference between these estimates and that obtained for “other identifiable intangible assets” in part (b)?

Goodwill
Goodwill is an important concept and terminology in accounting which means good reputation. The word goodwill is used at various places in accounting but it is recognized only at the time of a business combination. There are generally two types of... Intangible Assets
An intangible asset is a resource controlled by an entity without physical substance. Unlike other assets, an intangible asset has no physical existence and you cannot touch it.Types of Intangible Assets and ExamplesSome examples are patented... Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...

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