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The Importance of Intangible Assets. The Importance of Intangible Assets
Evaluation of Transitional Issues from a Canadian Standpoint ...
... of the assets. This statement was issued based on the importance of
intangible assets to a company. Intangible assets needed to ...
... Knowledge is capital that brings value and is of importance to an ... that Grossman includes
in his article: 1. identify and map intangible assets 2. recognize the ...
... Accounting Standards and Their Importance AS-1: DISCLOSURE OF ACCOUNTING ... AS-26:
Intangible Assets Accounting Standard 26, 'Intangible Assets', issued by the ...
... and disclosure of additional information, because of the importance and the ... the
relevance of the information items disclosed in the intangible assets scoresheet ...
Submitted by iabysheva on March 11, 2008
Category: Business
Words: 4444 | Pages: 18
Views: 172
Popularity Rank: 61,792
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The Importance of Intangible Assets
Evaluation of Transitional Issues from a Canadian Standpoint
Contents
Topic Page
1. Executive Summary 3
2. Report
I. The Trade-off Between Relevance and Reliability 4
II. "Nothings" are Something to Consider 5
III. Current Practice in Canada 5
IV. The Challenge of Valuation 6
V. Analysis of Potential Improvements to Canadian Standards 7
• Issue One - Valuation
Valuation and Business Combinations
Solution to Valuation Issues
• Issue Two - Improved Transparency
Recommendation for Improved Transparency
VI. Comparison of Canada, USA, and International Standards 9
Goodwill and Initial Measurement
Impairment Testing
Intangible Assets Recognition
Impairment Rules
Amortization of Finite Lives Intangible Assets
Impairment Testing of Indefinite Lives Intangible Assets
Business Combination
3. Bibliography 14
Executive Summary
While intangible assets are proving to become more significant in their role in business today, the policies and practices used in accounting for them seems to fall short when it comes to representing the needs of users of the financial statements. Many significant intangible assets go unrecognized on financial statements due to the current accounting standards. Due to the importance of these intangibles to many companies, the identification of them would better satisfy the needs of financial statement users. However, a trade off between reliability and relevance exists when trying to account for certain intangible assets. Traditional accounting standards stressing reliable information may be too conservative...
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