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How is goodwill different from other intangible assets?

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How is goodwill different from other intangible assets? An asset, which has no physical existence such as corporate intellectual properties (patents, trademarks, business methodologies and copyrights), trademarks, patents, software, goodwill and brand recognition are known to be an “Intangible asset”. So goodwill is and is not an intangible asset. Goodwill is a residual, unidentifiable, not separable asset. Intangibles are not that but…. How is goodwill different from other intangible assets

Separate identifiable intangible assets acquired

That is because identifiable intangible assets acquired in a business combination are recognised separately from goodwill [IFRS 3 B31]. An intangible asset is ‘identifiable’ if it arises from contractual or other legal rights or if it is separable [IAS 38 12]. Under … Read more

IAS 38 What are Intangible Assets other than Goodwill?

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IAS 38 What are Intangible Assets other than Goodwill – Intangible assets have become a important reporting item, see history of intangible assets to get an introduction. An asset, which has no physical existence such as corporate intellectual properties (patents, trademarks, business methodologies and copyrights), trademarks, patents, software, goodwill and brand recognition are known to be an “Intangible asset”.

Types of Intangible assets and their recognition IAS 38 What are Intangible Assets other than Goodwill?

Intangible assets of the business are either acquired through a business combination or are developed internally. In most of the cases if the asset is acquired through an acquisition or a merger than it is recorded at its fair value while if … Read more

Assets as an element of financial statements

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Assets as an element of financial statements – Definition: An asset is a present economic resource controlled by the entity as a result of past events. Assets as an element of financial statements

An economic resource is a right that has the potential to produce economic benefits. Assets as an element of financial statements

Tangible assets are those that can be touched. Examples include: Assets as an element of financial statements

– Buildings, – Cash on deposit, – Cash on hand, – Certificates of deposit or CDs, – Commercial paper, – Corporate bonds, – Corporate stock, – Debentures held, – Equipment, – Federal agency securities, – Federal treasury notes, – Guaranteed investment accounts, – Inventory, – Land, … Read more