Business Finance
Treatment of Intangible Assets and Impairments

Intermediate Accounting 2

Question Description

Treatment of Intangible Assets and Impairments

There are a number of differences between IFRS and U.S. GAAP for the treatment of intangible assets and impairments. The information related to intangible assets in IFRS is presented in IAS 38 (“Intangible Assets”) and IFRS related to impairments is found in IAS 36 (“Impairment of Assets”).

Please highlight 3 differences between the treatment for intangibles under GAAP and IFRS.

  • Describe the accounting alternatives for intangible assets.
  • Record the amortization or impairment of intangibles.
  • Account for identifiable intangible assets including patents, copyrights, franchises, computer software costs, and trademarks, and trade names.

Final Answer

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Surname 1
Student Name
Professor’s Name
Course Code
Date
Treatment of Intangible Assets and Impairments
Differences between the treatment for intangibles under GAAP and IFRS
Recognition:
Intangible assets are recognized at fair value under GAAP, however, under IFRS
intangibles are recognized only if an intangible asset will bring an economic benefit in future and
has got...

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