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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 ...
IAS 5: Information to Be Disclosed in Financial Statements 1976 January 1, 1977: July 1, 1998: IAS 1: IAS 6: Accounting Responses to Changing Prices 1977 January 1, 1978: January 1, 1983: IAS 15 IAS 7: Statement of Changes in Financial Position (1977) Cash Flow Statements (1992) Statement of Cash Flows (2007) 1977 January 1, 1979: IAS 8
Under International Financial Reporting Standards, guidance on accounting for the amortization of intangible assets is contained in IAS 38. [1] Under United States generally accepted accounting principles (GAAP) , the primary guidance is contained in FAS 142.
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] Wordings are similar to IAS 9.
The International Accounting Standards Committee (IASC) had been established in 1973 and had issued a number of standards known as International Accounting Standards (IAS). As the organization was reformed in 2001, it changed the name of the standard-setting body from IASC to IASB, and established a foundation to oversee it, initially known as ...
IAS 17 Accounting for Leases (1982) required the capitalization of finance leases, a practice that was as yet unusual or unknown outside the United States. [ 9 ] In 1987, the IASC adopted a new strategy of strengthening its standards to make them a suitable basis for financial reporting by companies seeking cross-border stock market listings ...
The convergence of accounting standards refers to the goal of establishing a single set of accounting standards that will be used internationally. [1] Convergence in some form has been taking place for several decades, [2] and efforts today include projects that aim to reduce the differences between accounting standards.
IAS 39: Financial Instruments: Recognition and Measurement was an international accounting standard which outlined the requirements for the recognition and measurement of financial assets, financial liabilities, and some contracts to buy or sell non-financial items.