GASB 51: Accounting Standards for Intangible Assets
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Governments possess many different types of assets that may be considered intangible assets, including easements, water or air rights, timber rights, patents, trademarks, and computer software. The implementation of GASB 34 created questions as to whether and when intangible assets should be considered capital assets for financial reporting purposes. An absence of sufficiently specific authoritative guidance resulted in inconsistencies in the accounting and financial reporting of intangible assets among governments, particularly in the areas of recognition, initial measurement, and amortization. This course will help you understand the nature of intangible assets while you are tracking and reporting capital assets. You will be able to identify intangible assets and the initial measurement of those assets. Discussion will include how to determine the useful life of intangible assets, how to address amortization issues, and be cognizant to impairment indicators. Finally, you will have a better understanding of how to account for and report intangible assets in your CAFR.
AuthorsNancy Young, Moss Adams LLP
Why Is GASB 51 Necessary?
Recognition and Initial Measurement Criteria
- When Is an Asset Considered Identifiable?
- Recognizing Internally Generated Intangible Assets
- Internally Generated Computer Software
- Determining the Useful Life of Intangible Assets
- Amortization Issues
- Impairment Indicators
Accounting and Financial Reporting for Intangible Assets