Accounting for Intangible Assets
The word Intangible implies to something that cannot be touched and without physical presence. In similar manner the intangible assets are the one which have no physical presence but are the identifiable long term assets of the company. Some examples of the intangible assets are goodwill, trademarks, computer software, and customer list and so on. No one can touch these assets but their presence has the great impact on the company. The accounting of the intangible assets is done separately due to their unique nature. Any business should recognize the fair value of these intangible assets at the time of purchase. For example a company should consider the value of software developed internally. The company should charge all the cost incurred for all the intangible assets in a considered period in their expenses.
The intangible assets are amortized according to their life. The amortization is a process of expensing out the intangible assets over their useful life. It can also said in way that it is a process of allocating the cost of intangible assets over a period of time. The amount to be amortized is calculated as the recorded cost minus the residual value. However the intangible assets generally do not have any residual value therefore the full residual amount is amortized. Amortization is very important concept in terms with the intangible assets; it plays a very crucial role. If the intangible assets has any pattern that it can give economic benefit to the company then the amortization method that has to be used must be that it approximates that pattern otherwise the straight line method is used for amortization.
Difficulties encountered in writing accounting for Intangible Assets assignment/assessments?
It is very difficult to evaluate the thing which we cannot see; this statement can define the difficulty of the students in accounting of intangible assets. The intangible assets do not have any uniformity, they are all different with different utility and characteristics such as Goodwill and trademark both are intangible assets but have different features. Therefore the students have to follow the different techniques for the accounting. There is process of amortization of the intangible assets, the process of amortization is not similar for all the assets in fact it depends upon the type of intangible assets and its utility over a period of time. However if the useful life of the intangible assets is indefinite, then it cannot be amortized instead it have to be periodically evaluated so its impair value.
The classic example of such intangible asset is Goodwill; it cannot be amortized but has to be checked periodically for the impaired value. The impaired loss has to be tested whenever there is a hint that the intangible assets may not be able to recover its amount. There are many cases which may hint towards these circumstances such as significant decrease in market price of asset or excessive cost accounted to acquire or construct the assets and so on. In such cases the impaired loss has to be calculated, which has to be accordingly adjusted in the different sections of the account books. The concept of amortization and impairment accounting is a very enormous which depends upon the type of intangible asset and its utility in the company.
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