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Accounting of Intangibles

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Define intangible assets, including in your definition examples of what constitutes an intangible asset. Discuss issues that may be encountered when dealing with intangible assets, given their nature.

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Solution Summary

Intangible assets are important and critical for business firms; however there are always some issues in accounting for intangible assets. This solutions discusses features of intangible assets and problems that are encountered when accounting for intangibles.

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Intangible assets are goodwill, patents, copyrights, human capital, the expenditure of research and development and the brand value of a company which do not have physical presence. A person may face problems in accounting for intangibles because of their nature and features. These assets are intangible and it is difficult to calculate or give an accurate pricing or value to these assets, which may cause the inaccurate valuation and may lead towards false information from a balance sheet. It is difficult to distinguish an expense and an ...

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