Explain to me which one you can write intangible asset in, GAAP or IFRS, and why?

Standard defines 38 of the Council of the International Accounting Standards (IAS 38) an intangible asset that: "a non-financial asset can be defined and does not have the core material." This definition comes as an addition to the standard definition of an asset which requires an event occurred in the past and led to the emergence of a resource controlled by the entity and is expected to flow from future economic privileges. Thus, the additional requirements of an intangible asset under the International Accounting Standards Board 38 is the possibility of definition. This standard requires that an intangible asset separate from the entity or arise from a contractual right or legal.

Standard notation accounting for 350 known as the International Accounting Standards Council (ASC 350) an intangible asset that out, other than a financial asset, lacks physical substance.

Thus, it can seem a lack of material substance as a characteristic of an intangible asset. The definition exclude the International Accounting Standards Board (IASB) and the Council of the International Accounting Standards (FASB), in particular the financial assets when the definition of an intangible asset. This is necessary in order to avoid classification of items such as accounts receivable, derivatives and funds available in the bank as intangible assets. It contains the standard International Accounting Standards Board 38 examples of intangible assets, include: Computer and copyright and patent software.

In GAAP, costs incurred to develop, maintain, or restore intangible assets are recognized as an expense when incurred. Exceptions include costs associated with computer software intended to be sold, Web site development, and computer software for internal use.

In IFRS, internally developed intangible assets are recognized only if (1) it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity, (2) the cost of the asset can be measured reliably, and (3) certain other criteria are met.

 georgei assi   has a very good and to the point answer

Intangible Assets in accordance to IFRS or U.S. GAAP is a broad subject and it's mentioned in the following standards:

Intangible Assets mentioned in IFRS standards : IAS and; IFRS3,5, and; SIC-

Intangible Assets mentioned in U.S. GAAP: ASC,,,,,, and; Concepts Statement5.

Measurement and recognition Under IFRS:

1. If an item meets the definition of an intangible asset, it is recognized if:- The cost of the asset can be measured reliably (IAS.) or acquired in a business combination (IAS.)- It is probable that the expected future economic benefits will flow to the entity (IAS.) – this criterion is always considered to be satisfied if the intangible asset is separately acquired (IAS.)

2. The cost of separately acquired intangible assets (not as part of a business combination) includes (IAS.):- Purchase price, including import duties and non-refundable purchase taxes, after deducting trade discounts and rebates- Directly attributable costs of preparing the asset for its intended use

 Measurement and recognition Under U.S. GAAP:

1. An intangible asset that is acquired individually or with a group of other assets (other than those acquired in a business combination) is recognized if it meets the asset-recognition criteria in Concepts Statement5. It does not have to meet the contractual-legal criterion or the separability criterion (ASC-4).

2. An intangible asset that is acquired individually or with a group of other assets (but not those acquired in a business combination) is measured based on the guidance included in ASC-3 and ASC-1 through-4. The cost of a group of assets acquired in a transaction (other than those acquired in a business combination) is allocated to the individual assets based on their relative fair values and does not give rise to goodwill (ASC-3).

 I agree  with MR  georgei assi

Thanks for your invitation

I can,t add anything than Mr Goergi  Assi

My answer won´t add any more value for this question. Thanks

I agree with Mr.George's contribution!

ccording to IAS 36 Impairment of Assets, companies applying International Financial ReportingStandards (IFRS) are required to perform annual tests to detect the existence of indications that thevalue of long-lived assets covered by the scope of the standard may be impaired. If such anindication exists, the company is required to calculate the recoverable amount and compare it to the carrying amountof the asset under consideration. Although IAS 36 provides a detailed description of how to calculate therecoverable amount, the calculation entails large areas of discretion. As the recoverable amount is usually deducedfrom future expected cash flows, a situation arises in which information is distributed asymmetrically becausemanagement has more information than investors regarding future strategy and development, which gives rise toearnings management (Schipper, 1989). In our study, we examine the factors that influence the write-off decision forGerman-listed companies.Earnings management concerning the recognition of write-offs has been discussed in several studies.However, the existing literature has been mainly focused on the US-American market (e.g. Beatty and Weber, 2006;Francis et al., 1996; Riedl, 2004). Little research has been conducted regarding the European IFRS setting and, tothe best of our knowledge, there does not exist a study on write-offs under IFRS in Germany. We concentrate onGermany for two reasons. First, their publicly listed companies have been required to prepare their consolidatedfinancial statements based on IFRS since 2005. Second, the institutional setting in Germany varies materially fromthat in the USA, which may give interesting insights for other countries with similar institutional settings.

great answer Mr. George Assi

am in agreement with the opinions of the experts