March 2014
Intermediate to advanced
584 pages
17h 54m
English
book
Wiley Not-for-Profit GAAP 2014: Interpretation and Application of Generally Accepted Accounting Principles
by Richard F. Larkin, Marie DiTommaso
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22 INTANGIBLE ASSETS
Internally Developed Intangible Assets
Determining the Useful Life of an Intangible Asset
Amortization of Intangible Assets
Internally Developed Intangibles
Recognition and Measurement of an Impairment Loss
Zero or Negative Goodwill of Reporting Units
PERSPECTIVE AND ISSUES
Intangible assets are those assets that provide an organization with future economic benefits but have no physical substance. Examples of intangible assets include patents, copyrights, and goodwill. FASB ASC 350 provides guidance for the way organizations account for goodwill and other intangible assets.
Under the accounting standards promulgated in FASB ASC 954-805, in certain circumstances not-for-profit organizations may record goodwill in conjunction with an acquisition. Accordingly, the accounting rules related to goodwill have been included in this chapter for use when goodwill is recorded related to an acquisition by a not-for-profit organization. The requirements for mergers and acquisitions relating to not-for-profit organizations are more fully described in Chapter 24.
CONCEPTS, RULES, AND EXAMPLES
The following discussion relates only to those intangible assets acquired by a not-for-profit organization in a transaction or transactions that are not business combinations. (Goodwill and intangible assets acquired in a merger, or acquisition are discussed later in this ...
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