CHAPTER 3

Intangible Assets

We have heard a clear and consistent message on financial instruments accounting—fix this once, fix it comprehensively, and fix it in an urgent and responsible manner.

—Sir David Tweedie*

The development of the intangible asset as an accounting standard is worth a study to understand how it is defined and to overrule the damage a casual inquiry may cause. Accounting standard IAS 38, the Intangible Asset, emerged in 1998. Every accounting standard offers a clear definition of each term it refers to. IAS 38 defines intangible assets, useful life, asset, amortization, and so on, but not the word “intangible” as such. Let us find how the balance sheet was an enabled instrument, but it turned out to be otherwise after the ...

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