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Intangibles Seek Due Recognition - Coursework Example

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This work "Intangibles Seek Due Recognition" discusses intangible assets that are represented by patents, goodwill, copyrights, human capital, intellectual property. The author outlines a required radical change in rules, regulations, and standards for the recognition, measurement, and valuation of intangible assets. …
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Intangibles Seek Due Recognition
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Download file to see previous pages This remaining value is the value of non-physical assets called by accountants as intangible assets. Intangibles are mostly represented by patents, goodwill, copyrights, human capital, intellectual property, and like others. Even successful companies some times are not fully aware of the market worth of such assets. One view is that the fault lies with the late recognition of intangibles by the accountants and that too with a partial, incomplete and unsatisfactorily approach. Accounting standards developed so far have not given that due recognition or prominence to intangibles. It is really amazing that more than ninety percent of accounting regulatory nitty-gritty surrounds less than half of the company’s capitalization factors and other half goes begging for proper recognition at their true value. It is time that due recognition is given to intangible assets that contribute effectively to the value of the companies. An effort is made out in this write up to bring out the reasons for such accounting negligence to the fore with recommendations to start presenting the financial statements as ‘true and fair’ in the real sense of this terminology.
There is a basic difference in businesses being carried on production and trading of physical goods than the businesses that are executed on the basis of trading in services, technology, experiences, and ideas. The difference is that the performance of the former is measurable, whereas in the later case it is very difficult to measure the volume of trade. At the same time, concrete and effective efforts have not so far been made to measure the capacity of an economy in terms of its potential of promoting businesses in exchange for services, experiences, and technologies. The basic reason is that such services, experiences, and technologies are a result of assets called ‘intangibles’ that do not have physical appearances like properties, plant, and equipment.
It is difficult to define the term ‘intangible’. But some efforts have been made to provide some credentials to the term ‘intangibles.’  As per Margaret M. Blair and others (page 10)[i], ‘intangibles are non- physical factors that contribute to, or used in, the production of goods or the provision of services or that are expected to generate future productive benefits to the individuals or the firm that control their use.’ ...Download file to see next pagesRead More
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