The IUP Journal of Accounting Research and Audit Practices:
Accounting for Intangible Assets: An Analysis of IFRS and Non-IFRS Based Accounting Standards

Article Details
Pub. Date : Jan, 2020
Product Name : The IUP Journal of Accounting Research and Audit Practices
Product Type : Article
Product Code : IJARAP32003
Author Name : M L Ashoka, Abhishek N, M S Divyashree
Availability : YES
Subject/Domain : Finance
Download Format : PDF Format
No. of Pages : 10

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Abstract

Intangible Assets are the most important category of assets which help the organization in creating a competitive edge over others. Across the globe, there are several accounting standards, and the treatment of intangible assets varies from one another, and this in turn leads to diversity in the manner intangible assets are reported and disclosed. Due to this diversity, it is highly impossible to carry out cross-country comparison of intangible assetsrelated information. The International Accounting Standards Board (IASB) made an effort to remove such diversity and bring uniformity in reporting and disclosure of intangible assets-related information. The present paper focuses on analyzing accounting of intangible assets in the Indian context. For the purpose of the study, data was collected from the secondary sources such as annual reports of 10 selected companies and accounting standards published by MCA. For analyzing the collected data, content analysis, reliability test, disclosure index and one-sample t-test were used and the study found that all the selected companies were complying with IFRS-based accounting standards in relation to intangible assets in a significant manner.


Description

Assets are resources of an organization through which a firm can achieve its goal either by manufacturing goods or providing services to the society or selling the goods purchased from the manufacturers. Intangible Assets (IA) are the most important category of assets which always help the organization in creating a competitive edge for the organization (Roulstone, 2011). These assets can be popularly termed as Intellectual Capital (IC) and are most essential to achieve the long-term success of the organization (Singh and Narwal, 2015). IC depends on knowledge, skills and experience of the human resources of an organization (Joshi et al., 2012).


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