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Intangible Assets Assignment Help
US GAAP are formulated to develop a unique set of standardized and easy to understand accounting standards that can be used globally. It will require high class, clear and analogous information in financial statements to help its users to take good decisions.
US GAAP applies to all intangible assets. Let we have brief idea about this accounting principle. The standard states that an intangible asset should be recognized in the financial statements, if it is likely that the predictable future fiscal benefits that are allocated to the asset will flow to the enterprise and the cost of the asset is easy to calculate.
An entity shall review the chance of predictable future fiscal benefits using reasonable hypothesis based on the management’s views of the economic conditions that will exist over life of the asset. Assets which are intangible shall be measured at cost initially.
Goodwill can be analyzed for a company by its market value and since it is related to the market, we cannot count it as an asset if it has been created internally for a company.
No intangible asset arising from research shall be recognized. It is treated as an expense when it is incurred.
Intangible asset aroused from the development shall be recognized subject to specified conditions. Internally generated trade names, mastheads, tag lines etc shall not be defined intangible asset.
Intangible item expenses that were originally recognized as an expense shall not be recognized as the cost of an intangible asset in future
The accounting for an intangible is based on its useful life. The depreciated amount of an intangible asset with defined useful life shall be attributed on a logical basis over its longevity.
An intangible asset shall be derecognized on removal or when no future gain is expected from its use or disposal.
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