Pre-Codification Standards and Intangible Assets - Assignment Example

Changing technologies have resulted in a number of difficulties when it comes to deciding when and how to apply sales/use tax.... These difficulties have arisen because traditional sales/use tax frameworks did not anticipate certain types of technological changes, because certain modern-day transactions are more of a hybrid nature than of the straightforward nature commonly anticipated by older sales/use tax legislation, and because federal and state authorities have failed to establish uniform approaches....

The income generated from these tourists, in turn, facilitates the countries to meet the conservation costs of these cultural assets.... The profound importance of culture in the tourism lies in the innate quest of human beings to inquire into cultural assets and values of different countries, in particular, those that serve to be the remnants of historical traditions.... The first one refers to 'tangible heritage' that includes landscapes, physical assets, and properties, whereas the other one falls into the category of 'intangible heritage' constituting norms, values, and mixes that various cultures shares (Saunders, 2004)....

iv) Good will and other intangible assets.... The project focuses on the different accounting standards and it mainly includes Accounting standards-1(AS-1), Accounting standards-6(AS-6), Accounting standards-10 (AS-10) and Accounting standards-12 (AS-12).... The main aim of the Accounting Standards is to regulate the various accounting practices and policies, with a vision to Finance and Accounting 08 February Accounting Standards (AS AS-6, AS-10, and AS-12) The project focuses on the different accounting standards and it mainly includes Accounting standards-1(AS-1), Accounting standards-6(AS-6), Accounting standards-10 (AS-10) and Accounting standards-12 (AS-12)....

Reporting costs as assets help in boosting the company's value.... Reporting the costs as assets also boosts the company's profit through regulation and reduction of expenses.... GAAP refers business assets as the things the business controls or owns and have measurable economic value.... Buildings, land, equipment, stocks, bonds, and items held in the inventory have future economic value that is measurable hence can be capitalized as assets....

Investments refer to assets held for sale by a company for the generation of income.... The main issues in accounting for PPE are recognition of the assets, determination of the assets carrying amounts, the appropriate depreciation charges and impairment losses that are supposed to be recognized in relation to these assets (Thornton, 2013).... GAAP” the author discusses the authorized private sector body in charge of creating and enhancing financial accounting and reporting standards in the United States for private and non-governmental enterprises....

As a result, the International Accounting Standards Committee adopted the IAS 38 intangible assets guidelines, which proposed how intangible assets, including brands, should be measured, recognized, amortized, and disclosed (Harrison et al, 2014: p55).... The paper will also discuss IAS 38 intangible Asset's prohibition from recognizing internally generated brands....

hellip; According to the paper, IASB has already done a great deal of work in this regard and circulated draft standards for SMEs.... An effort has been made in this write up to analyze and state in simple terms the provisions of  Exposure Draft of proposed IFRS for SMEs and other related issues for creating an awareness of the objectivity and practical applicability of these standards.... Moreover, the objectivity of the conceptual framework is to help IASB in “promoting the harmonization of regulations, accounting standards, and procedures relating to the presentation of financial statements by producing the number of accounting treatments permitted by international standards....

A Service involves a degree of intangible properties and interaction with a customer (Payne, 2002).... … SummaryTraditional barriers between products and services are crumbling, as patents expire and technology becomes more egalitarian.... Customers in an age of globalization revel in their expanded options, and demand value-added services in addition to SummaryTraditional barriers between products and services are crumbling, as patents expire and technology becomes more egalitarian....