Only vaulting intangibles need apply

Article Abstract:

The International Accounting Standards Committee (IASC) has just published exposure draft E50 titled 'Intangible Assets.' It proposes that all intangible assets that meet three conditions be reflected on the balance sheet and amortized for as long as 20 years. It also calls for the revaluation of qualified intangibles only upon the emergence of an active secondary market, and for the recognition of such assets at a valuation only after they have been earlier recognized at cost. The first of the three conditions is definition. Intangibles must be identifiable, meaning that they must either be subject to a legal right or can be separated from the business it is related to. The second criterion is the probability that future economic benefits that may arise from the intangible asset will go the enterprise. The final condition is the reliable measurement of the intangible asset's cost.

Accounting and auditing, Intangible property, Intangible assets

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When East meets West

Article Abstract:

A major accounting reform is currently underway in China. The government is seeking to align the country's accounting requirements with international standards to be able to attract foreign investment. The initiative is also intended to make it easier for Chinese companies to list their stocks on overseas bourses. China's initial reform efforts focused on companies that offer 'B' shares and 'H' shares, which are targeted towards international investors. These companies are required to comply with International Accounting Standards or, in the case of 'H' share companies, with Hong Kong accounting standards. The government's more recent attempts at accounting harmonization are focused on all Chinese companies. It is working closely with the International Accounting Standards Committee to achieve this goal.

China, International aspects

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Are IASs and US GAAP compatible?

Article Abstract:

Many variations between International Accounting Standards and US GAAP have been revealed by an FASB study, and the implications are considered.

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