Management and Organizational Studies 3360A/B Chapter Notes - Chapter 12: Intangible Asset, Deferral, The Assets

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 3360A/B
• Professor: Stacey Hann

Document Summary

Chapter 12 the business importance and characteristics of goodwill and. Characteristics of intangible assets: intangible assets nonmonetary assets that lack physical substance and usually have a higher degree of uncertainty concerning their future benefits. Recognition and measurement of internally developed intangible assets: how costs associated with internally generated intangible assets should be accounted for has been a controversial issue for many years. Indefinite-life intangibles: an intangible asset with an indefinite life is not amortized. Impairment and derecognition: impaired the state when a long-lived asset"s carrying amount is higher than its future economic benefits to the company. Impairment of limited-life intangibles: the same impairment models and standards that apply to long-lived tangible assets also apply to limited-life intangibles, cost recovery impairment model is used for aspe, rational entity impairment model is used for ifrs. De-recognition: an intangible asset is derecognized when it is disposed of or when its continuing use or disposal is not expected to generate any further economic benefits.