This standard aims to prescribe and guide the principles and methods of accounting intangible fixed assets
This standard aims to prescribe and guide the principles and methods of accounting intangible fixed assets, including:
criteria of intangible fixed assets, time of recognition and determination of the initial value, costs incurred after initial recognition, determination of the value after initial recognition, depreciation, liquidation of intangible fixed assets and some other regulations serving as basis for recording accounting books and making financial statements.
02. This standard applies to the accounting of intangible fixed assets, except where other standards permit the application of other accounting principles and methods to intangible fixed assets.
03. A number of intangible fixed assets may be contained within or on physical objects like compact discs (in cases where computer software is recorded in compact discs), legal documents (in cases of licenses or invention patents).
In order to determine whether or not an asset containing both intangible and tangible elements is accounted according to the regulations of the tangible fixed asset standard or intangible fixed asset standard, the enterprises must base themselves on the determination of which elements being important.
For example, if computer software is an integral part of the hardware of a computer, without it the computer cannot operate, such software is a part of the computer and thus it is considered a part of tangible fixed asset. In cases where software is a part detachable from the related hardware, it is an intangible fixed asset.
04. This standard prescribes the expenses related to the advertisement, personnel training, enterprise establishment, research and development.
Research and development activities oriented at the knowledge development may create an asset in a physical form (i.e. models) but the physical element only plays a secondary role as compared with the intangible component being knowledge embedded in such asset.
05. Once the financial-leasing intangible fixed assets have been initially recognized, the lessees must account them in the finance-leasing contracts according to this standard. The rights under licensing contracts to films, video programs, plays, manuscripts, patents and copyright shall fall within the scope of this standard.
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