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Executive Summary –
Different accounting treatments lead to different accounting values on the balance sheet based on the mode they were obtained whether internally developed or whether acquired from the firms. Hence, the internally developed intangible assets need to be shown on the balance sheet using its fair market value. However, this will be subjective to the judgements and this could create one or another problem.
Managing the earnings of the firm – Since, firms do engage into managing the earnings to show the sustainable and strong performance of the firm, they need to get into the managing earnings by capitalising the expenses which ideally, based on the true accounting standards need to be expensed. Since, these expenses are huge, they generate a material impact on the standings of the accounting statements.
Streamlining the accounting practices are the need of the hour and once this becomes consistent across the countries and the jurisdictions then it will be used to increase the in- formativeness of the statements.
This calls for the increased
Table of Contents-
    Content
    Page
    Executive Summary
    1
    Accounting difference for internally developed intangible assets and acquired assets-
    2
    Capitalising vs Expensing
    2
    Earnings management
    3
    Role of Corporate governance and external Audit
    3
    Challenges to the accounting of the intangibles -
    4
    Impact of AASB138/IAS38 on the internally developed intangible assets -
    5
    Recommendation
    6
    Conclusion
    6
    References
    7
Intangible Assets –
Assets which are intangible in nature like brands, logos, trademarks, software, patents, algorithms and goodwill where firms put enough amount of research and development as well as do enough investments with the hope of getting the economic benefits back from them. However, as far as the asset recognition is concerned, the firms need to show that the benefits will materialise from these and the probability of this can be identified.
Requirements to be classified as intangible assets –
Need to have the enough economic benefits and probability that it will generate in the future
Direct attributable costs which can be attached to the development of the intangible assets
These intangible assets can be shown in the books and the balance sheets of the company
Mostly Research and development costs are expensed and not capitalised to the assets
Different accounting treatments for the internally developed intangible assets and intangible assets acquired1
Internally developed intangible assets-
According to IAS 38, the intangible assets which are internally developed will be treated as asset and they need to be capitalised to the extent of the costs which were incurred and on top of that all the legal and regulatory taxes that went for the development as well as acquisition of the rights. Internally developed intangibles assets are stated using the cost approach or the revaluation approach.
Paragraph 54 of this IAS 38 states that no intangible asset arising from research (or from the research phase of an internal project) shall be recognized as an asset; and that research expenses shall be expensed in the income statement when they are incurred.
Assets acquired-
All such investments take place in the open market the firms tend to maximize the revenue from the sale of such assets and they tend to overvalue the assets based on the future projections. These assets will be shown on the acquirer’s books at the fair market value. These transaction can help other firms as a reference and the comparable transactions
Capitalising Vs. Expensing –
Capitalising –
As far as the internally developed intangible assets are concerned, the clear demarcation of the direct and the indirect costs are needed so that the firms do not inflate the value of these assets onto their balance sheet.
When we think of capitalising the expenses, we take all the expenses into account and show that into the balance sheet rather than showing it into the income statement in the period when...