A Concept Of Accounting And How Is Applied In Professional Life (Research Paper Sample)
The research paper is about the concept of accounting and how is applied in professional life.source..
An intangible asset is an asset that does not include physical substance and is usually
hard to evaluate. According to Martin and Mary Kelly, the measurement of intangible assets has been the main areas of financial reporting. A business operates and competes with intangible assets such as brands and knowledge. Intangible assets play an important role in providing future economic benefits to the business. Examples of intangible assets include trademarks, patents, import duties, licenses, computer software, and goodwill. An intangible asset should be identifiable. An intangible asset must be under entity control so that the entity has their power to gain economic benefits in the future. This control involves legally enforceable rights.
The information can be used to determine whether the intangible asset satisfies the usual recognition criteria for an asset and whether it will be probable and then future economic benefits will flow to their entity and whether they cost can be measured reliably.
Intangible assets are used when calculating the cost of another business duplicating a given asset. This can be done by using their current cost estimation. They quoted market prices in an existing market gives them most reliable estimate of the fair value of an intangible asset. The best market price is usually the current bid price. If there is no active market for an intangible asset, its best value price is the amount that the entity would have paid for the asset.
The useful life of intangible assets is assessed as finite and infinite. An intangible asset with a finite life needs to be a mortise ove
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