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Answers to the most commonly asked questions here. It can be argued that the accounting agenda initially spurred the interest in supplementary business reporting cf. There have been a number of attempts at constructing business reporting models inherently concerned with strategy, and about showing future-oriented perspectives on the company, which accounting cannot. Business reporting is the generic term used to identify the type of reporting that the accountancy profession has come to recognise as, if not a direct successor to its highly successful corporate reporting approach, then at least a complement.
Because of this, like corporate reporting, business reporting is, at base, a further manifestation of financial reporting, the practice upon which a major part of the reputation of the accountancy profession is based. Assuming that the accountancy profession, one well known for its collective conservatism, is unlikely to willingly reconstitute itself in a radically different guise, it is reasonable to expect that a business-reporting approach is unlikely to depart significantly from the predecessor corporate-reporting approach.
Offer does not apply to e-Collections and exclusions of select titles may apply. Offer expires December 31, Browse Titles. Add to Cart. Instant access upon order completion. Free Content. More Information. The race for ideas and the pursuit of knowledge for creativity are emphasizing the increasing role of intangible assets and the need to quantify them.
Some intangible assets are protected legally where they meet the criteria for intellectual property protection and rights. Intellectual property rights are often granted for innovative products and processes through patents ; cultural, literary, or data software works copyrights ; designs, trademarks , microchips, and trade secrets. Accounting principles require that intangible assets be recorded in financial statements at cost or less. Internally developed intellectual property such as trade secrets or ideas most likely are not recorded on the balance sheet because they have no directly associated costs or clear value.
Patents , trademarks, and copyrights generally have associated costs and are capitalized as assets on the balance sheet. These must be amortized over the useful life of the asset. When intellectual property is purchased from another business, it is recorded on the balance sheet at cost and amortized over the remaining useful life of the asset. Accounting standards require that intellectual property be recorded separately on the balance sheet from goodwill , which is another type of intangible asset.
Since accounting standards dictate that cost or less be used to record intellectual property in a company's financial statements , a realistic market price for certain forms of intellectual property is hard to determine.
Often, an industry expert must perform an in-depth valuation study to determine a reasonable market price for intellectual property when one company is considering buying this type of property from another. Financial Statements. Business Essentials. Your Privacy Rights. To change or withdraw your consent choices for Investopedia. At any time, you can update your settings through the "EU Privacy" link at the bottom of any page.
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