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Applied Management

In: Other Topics

Submitted By ruojijing
Words 2266
Pages 10
2/08/2013

Lecture 2 – Intangible assets ACCY 902, Semester 2, 2013
A/Professor Indra Abeysekera University of Wollongong, Australia

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A/Professor Indra Abeysekera

Deegan Chapter 8
Relevant accounting standards : AASB 138

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A/Professor Indra Abeysekera

Learning objectives
1.

Understand the classes of intangibles (internally-generated and purchased) and how to account for them Understand a special case of intangible – research and development, and how to account for them Understand a special case of intangible – goodwill, and how to account for them

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3.

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A/Professor Indra Abeysekera

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2/08/2013

Definition of intangible assets
………………………………………. Includes patents, goodwill, mastheads, brand names, copyrights, research and development, and trademarks The lack of physical substance does not preclude an item from being considered to be an asset Intangible assets, as a category, must be separately disclosed in the statement of financial position (balance sheet)

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A/Professor Indra Abeysekera

Identifiable vs unidentifiable intangibles
Identifiable intangibles Unidentifiable intangibles Paragraph 63

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A/Professor Indra Abeysekera

Recognition of intangible assets
………….. Intangible assets other than goodwill are required to be separable if they are to be recognised as assets for statement of financial position (balance sheet) purposes ‘Separable’ refers to being able to rent, sell, exchange or distribute the specific future economic benefits attributable to the asset without also disposing of future economic benefits that flow from other assets used in the same revenue-earning activity
…………….
Intangible asset (as per all assets) must be recognised when:

it is probable that the future economic benefits attributable to the asset will flow to the entity cost can be measured reliably there is control over…...

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