Legal regulation of accounting for intangible assets of enterprises

Abstract

The controversial issues that arise in connection with the transition of domestic enterprises to international standards are singled out, and analyzed. The comparison of the definition of « an intangible asset» (hereinafter IA) used in the legal documents during 25 years is conducted and the development of this concept in the retrospective is established. The author proposes six levels of normative accounting regulation of IA and on the basis of them the article groups the external and internal normative documents, which today regulate the accounting of IA. The issue of recognition of internally generated IA according to international standards is researched. The existence of differences in international and domestic practices regarding the use of the terms «trademarks», «service marks», «a brand name» and «marks for goods and services» is emphasized. The existence of discrepancies in the approach to understanding the accounting policies of NAS 1 and IAS 8 is established. The problem sides of the revaluation of the IA model are substantiated. The issues of valuation and amortization of IA in the enterprise’s accounting policy are covered.

Keywords

• intangible asset
• legal acts
• IAS
• IFRS
• valuation
• revaluation
• accounting policy
• amortization