Intangible Assets
Code: 1230
👁 Views: 38
Account Information
| Account Type | Statement of Financial Position |
| Normal Balance | Debit |
Definition
Non-physical assets owned by the company generating future economic benefits
Sub-accounts
International Accounting Standards
IFRS
IAS 38
Intangible Assets
Identifiable non-monetary assets without physical substance. Recognition requires identifiability, control and future benefits.
US GAAP
ASC 350
Intangibles - Goodwill and Other
Similar definition. Internally generated intangibles generally expensed except for software development.
⚠ Key Difference: IFRS vs GAAP
IFRS capitalises development phase costs; GAAP generally expenses all internal development