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GASB 51: Intangible Assets

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The document provides training on GASB Statement No. 51, which outlines the accounting and financial reporting requirements for intangible assets. It covers definitions, capitalization criteria, types of intangible assets, amortization processes, and specific guidelines for internally generated intangible assets. The training aims to standardize the treatment of intangible assets in financial reporting to reduce inconsistencies. Key topics include the recognition of intangible assets, their useful lives, and the necessary accounting policies for state organizations.

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How does GAAP define 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.

What is the rule of intangible assets?

An intangible asset is an identifiable non-monetary asset without physical substance. Such an asset is identifiable when it is separable, or when it arises from contractual or other legal rights. Separable assets can be sold, transferred, licensed, etc.

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.

What are the 5 intangible assets?

Examples of intangible assets include goodwill, brand recognition, copyrights, patents, trademarks, trade names, and customer lists. You can divide intangible assets into two categories: intellectual property and goodwill. Intellectual property is something that you create with your mind, such as a design.

What qualifies as an intangible asset?

An intangible asset is a nonphysical long-term asset that accrues value over time. These are not just theoretical concepts but real assets that can significantly impact your business. Examples include intellectual property, brand recognition, customer relationships, and goodwill.

What are the criteria for intangible assets?

[IAS 38.8] Thus, the three critical attributes of an intangible asset are: identifiability. control (power to obtain benefits from the asset) future economic benefits (such as revenues or reduced future costs)

What are the conditions for intangible assets?

For an intangible asset to be identifiable, this means that it must be separable or arise from legal/contractual rights. Separable intangible assets will be items that can be separated from the entity as a whole, meaning that they could be acquired from the entity without having to acquire the entire company.

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How does GAAP define intangible assets?

What is the rule of intangible assets?

What are the 7 intangible assets?

What are the 5 intangible assets?

What qualifies as an intangible asset?

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What are the criteria for intangible assets?

What are the conditions for intangible assets?

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Get the up-to-date GASB 51: Intangible Assets 2025 now

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How to modify GASB 51: Intangible Assets in PDF format online

Complete this form in 5 minutes or less

Got questions?

How does GAAP define intangible assets?

What is the rule of intangible assets?

What are the 7 intangible assets?

What are the 5 intangible assets?

What qualifies as an intangible asset?

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People also ask

What are the criteria for intangible assets?

What are the conditions for intangible assets?

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