Abstract:An intangible asset is defined as an identifiable non-monetary asset without physical substance. An intangible asset must be identifiable to be recognized. This chapter presents all intangible assets ...An intangible asset is defined as an identifiable non-monetary asset without physical substance. An intangible asset must be identifiable to be recognized. This chapter presents all intangible assets other than goodwill and intangible assets that represent inventories, because they are held by an entity for sale in the ordinary course of business. The amortization also applies to goodwill. Intangible assets do not include financial assets and mineral rights and mineral reserves, such as oil, natural gas, and similar nonregenerative resources. Legal enforceable rights are the first test to determine whether an intangible asset could be capitalized. An intangible asset is initially measured at cost. Specific guidance is provided in the chapter for what constitutes cost for separate purchase, business combinations, government grants, and exchange transactions. An identifiable non-monetary asset without physical substance is recognized as an asset when it is probable that future economic benefits will result, and the cost can be measured reliably.Read More
Publication Year: 2012
Publication Date: 2012-01-02
Language: en
Type: other
Indexed In: ['crossref']
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Cited By Count: 1
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