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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

Technology-based intangible assets Other technology

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Technology-based intangible assets Other technology – In a Business Combinations, this is a intangible asset and is therefore recognised separately from goodwill, provided that its fair value can be measured reliably. This customer-related intangible asset does not arise from contractual or other legal rights, but meets the definition of an intangible asset because it is separable.

Technology-based intangible assets Other technology

  1. Unpatented technology or know-how Technology-based intangible assets – Other technology

    Know-how and trade secrets are intangible assets owned by almost every organization. While they may be documented in files, drawings, concepts, and archives, such material is usually only a small part of the whole asset. Often described as something “in the head of the workforce,” know-how is an integral component of

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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