Chapter 12 - Intangible assets. After completing this chapter you should be able to: Describe the characteristics of intangible assets, identify the costs to include in the initial valuation of intangible assets, explain the procedure for amortizing intangible assets, describe the types of intangible assets. | Coby Harmon University of California, Santa Barbara Westmont College INTERMEDIATE ACCOUNTING: IFRS EDITION, 2/E Chapter 12 PREVIEW OF CHAPTER Intermediate Accounting IFRS 2nd Edition Kieso, Weygandt, and Warfield 12 Describe the characteristics of intangible assets. Identify the costs to include in the initial valuation of intangible assets. Explain the procedure for amortizing intangible assets. Describe the types of intangible assets. Explain the accounting issues for recording goodwill. LEARNING OBJECTIVES Explain the accounting issues related to intangible asset impairments. Identify the conceptual issues related to research and development costs. Describe the accounting for research and development and similar costs. Indicate the presentation of intangible assets and related items. After studying this chapter, you should be able to: Intangible Assets 12 LO 1 Characteristics Identifiable. Lack physical existence. Not monetary assets. Normally classified as non-current asset. Common types of intangibles: Patent Copyright Franchise or license Trademark or trade name Customer list Goodwill INTANGIBLE ASSET ISSUES Coca-Cola Company’s (USA) success comes from its secret formula for making Coca-Cola, not its plant facilities. Describe the characteristics of intangible assets. Identify the costs to include in the initial valuation of intangible assets. Explain the procedure for amortizing intangible assets. Describe the types of intangible assets. Explain the accounting issues for recording goodwill. LEARNING OBJECTIVES Explain the accounting issues related to intangible asset impairments. Identify the conceptual issues related to research and development costs. Describe the accounting for research and development and similar costs. Indicate the presentation of intangible assets and related items. After studying this chapter, you should be able to: Intangible Assets 12 LO 2 Purchased Intangibles Recorded at cost. Includes all acquisition costs plus expenditures to . | Coby Harmon University of California, Santa Barbara Westmont College INTERMEDIATE ACCOUNTING: IFRS EDITION, 2/E Chapter 12 PREVIEW OF CHAPTER Intermediate Accounting IFRS 2nd Edition Kieso, Weygandt, and Warfield 12 Describe the characteristics of intangible assets. Identify the costs to include in the initial valuation of intangible assets. Explain the procedure for amortizing intangible assets. Describe the types of intangible assets. Explain the accounting issues for recording goodwill. LEARNING OBJECTIVES Explain the accounting issues related to intangible asset impairments. Identify the conceptual issues related to research and development costs. Describe the accounting for research and development and similar costs. Indicate the presentation of intangible assets and related items. After studying this chapter, you should be able to: Intangible Assets 12 LO 1 Characteristics Identifiable. Lack physical existence. Not monetary assets. Normally classified as non-current asset. .
