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Accounting of intangible assets in accordance with IFRS

Vol. 12, Iss. 9, SEPTEMBER 2009

Available online: 12 November 2009

Subject Heading: Account problems

JEL Classification: 

Semenov A.S. senior expert, IFRS department, Borets Company

The article describes the special requirements for accounting of intangible assets in accordance with IFRS, actions necessary to be taken during restatement of Russian statutory accounting data into international format; the article also lists the information that is required to be disclosed regarding intangibles in financial statements according to IFRS. In the article it is said in which cases and in what amounts the intangibles have to be stated in the balance sheet, when their impairment has to be recognized. The article contains criteria for capitalization of expenses related to intangibles development. The article also describes the process of recognition and subsequent accounting of goodwill arising on acquisition of entities.

Keywords: goodwill, recognition, estimation, intangible assets, impairment, restatement, transformation, disclosing, financial statements

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ISSN 2311-9381 (Online)
ISSN 2073-5081 (Print)

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March 2020