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The International Accounting Standards Board (IASB) offers some guidance (IAS 38) as to how intangible assets should be accounted for in financial statements.In general, legal intangibles that are developed internally are not recognized and legal intangibles that are purchased from third parties are recognized. [2]
In accounting, goodwill is an intangible asset recognized when a firm is purchased as a going concern. It reflects the premium that the buyer pays in addition to the net value of its other assets. It reflects the premium that the buyer pays in addition to the net value of its other assets.
Articles relating to intangible assets, assets that lack physical substance. Examples are patents , copyright , franchises , goodwill , trademarks , and trade names , as well as software . Subcategories
Unlike physical assets such as machinery or real estate, intangible assets lack a physical presence. They include things like brand recognition, customer loyalty, patents, copyrights and business ...
In financial accounting, an asset is any resource owned or controlled by a business or an economic entity. It is anything (tangible or intangible) that can be used to produce positive economic value. Assets represent value of ownership that can be converted into cash (although cash itself is also considered an asset). [1]
In the United States, the process of conducting a PPA is typically conducted in accordance with the Financial Accounting Standards Board's ("FASB") Statement of Financial Accounting Standards No. 141 (revised 2007) “Business Combinations” (“SFAS 141r”) [1] and SFAS 142 “Goodwill and Other Intangible Assets” (“SFAS 142”). [2]
Goodwill and Other Intangible Assets: June 2001: 143: Accounting for Asset Retirement Obligations: June 2001: 144: Accounting for the Impairment or Disposal of Long-Lived Assets: August 2001: 145: Rescission of FASB Statements No. 4, 44, and 64, Amendment of FASB Statement No. 13, and Technical Corrections: April 2002: 146
In accounting, amortization is a method of obtaining the expenses incurred by an intangible asset arising from a decline in value as a result of use or the passage of time. Amortization is the acquisition cost minus the residual value of an asset, calculated in a systematic manner over an asset's useful economic life.