Intermediate Accounting 11 Intermediate Accounting 9 Property, Plant, and Equipment:Acquisition and Disposition.doc
Intermediate Accounting 11 Intermediate Accounting 9 Property, Plant, and Equipment:Acquisition and Disposition Concepts and Reporting Issues of Intangible Assets Chapter 11 Intangible Assets Marketing-related Customer-related Artistic-related Contract-related Technology-related Goodwill Intangible Asset Issues Types of Intangibles Impairment of Intangibles Research and Development Costs Presentation of Intangibles and Related Items Characteristics Valuation Amortization Limited-life intangibles Indefinite-life intangibles other than goodwill Goodwill Identifying R&D Accounting for R&D Other similar costs Conceptual questions Intangible assets R&D costs Intangible Asset Issues LO 1 Describe the characteristics of intangible assets1>. Two Main Characteristics: Characteristics They lack physical existence. They are not financial instruments. Normally classified as long-term asset. Common types of intangibles: Patents Copyrights Franchises or licenses Trademarks or trade names Goodwill Intangible Asset Issues LO 2 Identify the costs to include in the initial valuation of intangible assets. Purchased Intangibles: Recorded at cost. Includes all costs necessary to make the intangible asset ready for its intended use. Valuation Internally Created Intangibles: Generally expensed. Only capitalize direct costs incurred in developing the intangible, such as legal costs. Intangible Asset Issues LO 3 Explain the procedure for amortizing intangible assets. Amortization of Intangibles Limited-Life Intangibles: Amortize to expense. Credit asset account or accumulated amortization. Indefinite-Life Intangibles: No foreseeable limit on time the asset is expected to provide cash flows. No amortization. Intangible Asset Issues LO 3 Explain the procedure for amortizing intangible assets. Accounting for Intangibles Illustration 12-1 Types of Intangibles LO 4 Describe the types of intangible assets. Six Major
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