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About this document
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- 2 pages
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- Subject
- Accounting
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- Final Project
This document discusses intangible assets, their acquisition, and accounting treatment. It covers the differences between IFRS and US GAAP in handling intangible assets.
What's inside
- Intangible assets acquired by merger or developed internally
- Research and development phases
- Examples of intangible assets
- Amortization and impairment of intangible assets
- Differences between IFRS and US GAAP
Who it is for: Students taking the ACC 482 course. (Postgraduate)
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Summary
Intangible assets are non-physical resources that companies own. Students learn how companies acquire and account for these assets.
Acquisition of Intangible Assets
Intangible assets can be acquired through mergers or developed internally. Mergers record these assets at fair value. Internally developed assets go through research and development stages.
Types of Intangible Assets
Examples include copyrights, patents, franchises, and trademarks. Each has specific legal protections and useful lives.
Amortization and Impairment
Intangible assets are amortized over their useful life. Assets with indefinite lives are tested for impairment. IFRS and GAAP have different rules for impairment reversals.
IFRS and US GAAP Differences
IFRS and US GAAP have different rules for identifying and accounting for intangible assets. IFRS allows some capitalization of internally generated assets, unlike GAAP.
Key terms
- Intangible assets
- Non-physical resources that companies own, such as copyrights and patents.
- Amortization
- The process of expensing the cost of an intangible asset over its useful life.
- Impairment
- A test to check if an intangible asset's value has decreased.
- IFRS
- International Financial Reporting Standards, a global framework for financial reporting.
- US GAAP
- Generally Accepted Accounting Practices in the United States.
- Fair value
- The price that would be received to sell an asset in an orderly transaction.
Questions this document helps with
- What are the stages of developing intangible assets internally?
- How do copyrights and patents differ in their legal protections?
- What are the main differences between IFRS and US GAAP for intangible assets?
Summary written with AI from the document's text.
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