Financial Reporting Project : Intangible Assets under U.S. GAAP and IFRS - Research Paper Example

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Financial Reporting Project : Intangible Assets under U.S. GAAP and IFRS

Here, separable means selling, transferring, exchanging, renting and licensing. There is no contingency regarding they being separable or transferable. Similarly, the US GAAP categories of intangible assets: (1) Limited life intangible asset and (2) Indefinite life intangible asset. An intangible asset is an asset other than financial assets lacking physical appearance (SFAS 142 Glossary) and is separately distinguished from goodwill that is derived from any contractual or legal rights. These rights can be separated or transferred, sold, licensed, exchanged, rented. There is no contingency regarding they being separable or transferable. Contrast: In order to qualify as an asset under IFRS, the intangible right should be identifiable. It should have control as per the guidelines provided in IAS 38.113-.116. Another important benchmark to qualify as an asset, the intangible right’s cost should be measured in a reliable way (IAS 38.21) In case of an intangible asset that has been purchased or acquired through business combination, it is considered as a requisite condition that the asset will bring future economic benefits to the organization. In order to qualify as an asset under US GAAP, the intangible asset must have a relevant attribute that is measurable through reliable method (SFAC 5.63). It should be fully controlled by the enitty (SFAC 6.26). ...Show more

Summary

Intangible Assets Recognition and Measurement under US GAAP and IFRS Part IA: Recognition of Intangible Assets under US GAAP and IFRS Comparison: The IFRS recognizes two categories of intangible assets: (1) Internally created intangible assets and (2) Purchased intangible assets…
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