That the value of a brand so ubiquitous that it straddles both the in and outside of society is kept off its books is one of the wonders of the accounting world. Yet when Coke and other large multinationals are allowed to withhold, or hold in secrecy, the value of core business intangibles while charging confidential expenses against these assets, it not only distorts the market but also facilitates gross transfer pricing manipulation and drastically undermines taxes owed to governments.