A revaluation that increases or decreases an asset ‘s value can be accounted for with a journal entry that will debit or credit the asset account. An increase in the asset’s value should not be reported on the income statement; instead an equity account is credited and called a “RevaluationRead More →
adjective. not tangible; incapable of being perceived by the sense of touch, as incorporeal or immaterial things; impalpable. not definite or clear to the mind: intangible arguments. How do you use intangibles? Intangible in a Sentence ? While emotions can be expressed, they are intangible because they cannot be physicallyRead More →
FRS 102 does not specify whether capitalised software costs should be presented as tangible or intangible assets. The decision is likely to be based on commercial reality – if software is primarily used to enable an item of IT hardware be used for its intended purpose, it is likely toRead More →
Trademark is an intangible asset that protects others from using a business’s name, logo, or other branding items. It is a design, symbol, or logo used related to a particular product or a business. Why are trademarks amortized? Generally accepted accounting principles, or GAAP, require a business to amortize onlyRead More →