Everbody's jumping on the "brand wagon" these days, but there are real dangers in extending corporate names too far, says Tom Freston, a marketing guru and founder of MTV.

Recently, many British consumer-goods companies, including Ranks Hovis McDougall and Grand Metropolitan, have jumped on the brandwagon.

t is clear the question of valuing brands and intangible assets will plague the accountancy profession for some time. But action is required urgently. As the brand wagon gathers momentum companies still have a free hand in shaping their balance sheets, with the consequent implications for share prices.