Recognition of Intangible Assets according to the International and National Accounting Standards

Анотація

Intangible assets are typically nonphysical assets used over the long-term. Intangible assets are often intellectual assets. Proper valuation and accounting of intangible assets are often problematic, due in large part to how intangible assets are handled. The difficulty assigning value stems from the uncertainty of their future benefits. Also, the useful life of an intangible asset can be either identifiable or non-identifiable. The purpose of the article is to analyze approaches to the recognition, classification and accounting of intangible assets in Ukraine and in the world, as well as to substantiate the priority areas for the improvement of methods for disclosure the information about intangible assets in financial statements. The regulatory legal framework for accounting of intangible assets in Ukraine and in the world was disclosed. It contains: National Accounting Standard # 8 "Intangible assets", International accounting standard 38 "Intangible assets", SFAS 142 "Goodwill and other intangible assets". A critical comparison of classification approaches and recognition criteria for intangible assets as accounting objects was made. It was revealed that today there is a problem of incorrect display of intangible assets in financial statements. The so-called phenomenon of "hidden" intangible assets arose. Although some intangible assets belong to the company, but reporting standards do not allow them to be reflected in reporting forms - their value is shown on the balance sheet only if the company will be to sell or a merger should take place. It was proposed to introduce the following amendments to National Accounting Standard # 8 "Intangible assets": a) to recognize intangible assets with a useful life of less than one year, provide an opportunity to recognize an asset as intangible without the presence of title documents, and introduce an element of current intangible assets; b) to supplement the classification of intangible assets with the article intangible assets at the development stage and allow enterprises to independently classify these assets into relevant groups.

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