Seewell Clinic - Accounting for intangible assets in partnerships

Seewell Clinic is a realistic case involving two ophthalmologists who decide to form a general partnership. One partner is an experienced professional, while the other is a young graduate specializing in laser eye surgery. The scenario describes each partner's initial proposal and the agreement they finally settle on. As suggested in the teaching notes, this case may be used in an accounting theory course to illustrate how to account for the substance of business proposals in financial statements including solving problems of recognizing intangible assets, which is a realistic reflection of the work performed by public accountants.