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Intangible assets with identifiable useful lives are amortized on a straight-line basis over their economic or legal life, [12] whichever is shorter. Examples of intangible assets with identifiable useful lives are copyrights and patents. Intangible assets with indefinite useful lives are reassessed each year for impairment.
IAS 16 permits two accounting models for measurement of the asset in periods subsequent to its recognition, namely the cost model and the revaluation model. [ 7 ] Under the cost model , the carrying amount of the asset is measured at cost less accumulated depreciation and eventual impairment (similar to the inventory's Lower of cost or market ...
Intangible asset finance, also known as IP finance, is the branch of finance that uses intangible assets such as intellectual property (legal intangible) and reputation (competitive intangible) to gain access to credit. Like other areas of finance, intangible asset finance is concerned with the interdependence of value, risk, and time.
An example is the recognition of internally generated brands, mastheads, publishing titles, customer lists and items similar in substance, for which recognition is prohibited by IAS 38. [21] In addition research and development expenses can only be recognised as an intangible asset if they cross the threshold of being classified as 'development ...
While a business can invest to increase its reputation, by advertising or assuring that its products are of high quality, such expenses cannot be capitalized and added to goodwill, which is technically an intangible asset. Goodwill and intangible assets are usually listed as separate items on a company's balance sheet. [4] [5] In the b2b sense ...
Equity Accounting Method - Recognition of Losses 1999 July 15, 2000: January 1, 2005: IAS 28: SIC 21 Income Taxes-Recovery of Revalued Non-Depreciable Assets 1999 July 15, 2000: January 1, 2012: IAS 12: SIC 22 Business Combinations - Subsequent Adjustment of Fair Values and Goodwill Initially Reported 1999 July 15, 2000: April 1, 2004: IFRS 3 ...
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
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]