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In: Accounting

Describe the accounting for intangible assets, that is, how do we define intangibles assets and how...

Describe the accounting for intangible assets, that is, how do we define intangibles assets and how do we record internal and externally generated intangible assets on the balance sheet and income statement

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Expert Solution

Explainations to short forms:

ITA - Intangible assets

Recgn - Recognition

FEB - Future economic benefits

Gen - generated

O/S - Ownership

SOF - Substance over form

BS - Balance sheet

T&D - Taxes and duities

Reg - Registration

Ref - Refundable

TD - Trade discount

GG - Government grant

FC - Finance cost

BC - Borrowing cost

Acc amo - Accumulated amortization

Acc imp - Accumulated impairment of loss

WDV - Written down value

NBV - Net book value

Cons - Consideration

R&D - Research and development

Cond - Conditions

OH - Overhead

ekkarill92 answered 1 year ago
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