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AUDITING INTANGIBLE ASSETS AND EVALUATING FAIR bb - pupul 2025

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The document discusses the auditing of intangible assets, specifically reacquired franchise rights, within the context of Roman Holiday Pizza Paradise. It outlines the importance of fair value estimates in financial accounting and the complexities involved in auditing these estimates. The case study emphasizes the need for auditors to understand both financial and non-financial information when assessing the value of intangible assets, particularly in light of evolving financial standards. It includes detailed planning and year-end procedures for auditing, highlighting risks associated with valuation and impairment analysis, as well as the necessity for professional skepticism and thorough documentation.

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How do you assess intangible assets?

The income approach is based on the future economic benefits that an intangible asset is expected to generate. This method assesses the assets value by estimating the income or cash flows attributable to it, both concurrently and over time.

What are the 7 intangible assets?

An intangible asset is an asset that lacks physical substance. Examples are patents, copyright, franchises, goodwill, trademarks, and trade names, reputation, RD, know-how, organizational capital as well as any form of digital asset such as software and data.

Are intangibles difficult to audit?

Therefore, auditing the companys financial statements regarding intangible assets will increase the auditors level of difficulty and time, affecting the audit fees later. The audit is certainly inseparable from a companys financial risk.

Can intangible assets be measured at fair value?

Intangible assets are measured initially at cost. After initial recognition, an entity usually measures an intangible asset at cost less accumulated amortisation. It may choose to measure the asset at fair value in rare cases when fair value can be determined by reference to an active market.

How do you evaluate intangible assets?

Valuing intangible assets The common way to determine the overall total value of a companys intangible assets is to subtract the companys book value [assets minus liabilities] from its market value. The difference is the value of the intangible assets.

audit procedures for intangible assets

fair value level 1, 2 3 examples valuation audit procedures audit of intangible assets problems with solutions auditing fair value measurements and disclosures audit assumptions in auditing intangible assets, an auditor most likely would review pfi audit which statement is correct regarding auditing fair value measurements and disclosures?

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How does GAAP treat intangible assets?

Under both IFRS and US GAAP, intangible assets lack physical substance, but meet the definition of an asset (i.e., it is expected to benefit the organization for more than a year). Examples include patents, trademarks, copyrights, right-of-ways (easements), and others.

How do accountants record intangible assets?

Intangibles are recorded at their acquisition cost, as are tangible assets. The costs of internally generated intangible assets, such as a patent developed through research and development, are recorded as expenses when incurred. An exception is legal costs to register or defend an intangible asset.

How do you audit intangible assets?

For other intangible assets, the auditor will need to review the relevant documentation available and, in some cases, also review the relevant receipt of related income, such as royalties to verify existence of the asset. Note that not all patent costs should be capitalised.

AUDITING INTANGIBLE ASSETS AND EVALUATING FAIR bb - pupul 2025

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How do you assess intangible assets?

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