32 definitions and conceptual frameworks it can be

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Unformatted text preview: fixed assets are defined as: “Non-financial fixed assets that do not have physical substance but are identifiable and are controlled by the entity through custody or legal rights”. 3.2 Definitions and conceptual frameworks It can be seen from the table below that although efforts have been made in certain standards to define intangibles, the definition is followed by a list of recognized intangibles. This demonstrates that there is no theoretical conceptual framework behind the approaches to intangible assets, except perhaps at the IASC, which simply presents a list of items excluded from classification as intangibles. To confirm this observation, we decided it would be interesting to identify any links existing between the existence of a definition in accounting standards and the presence or otherwise of a conceptual framework in the country concerned. This study was performed on a second sample of 16 entities for which we had access to the necessary data. 7 Table 2 – Conceptual Frameworks2 Countries or organizations Belgium Denmark Finland France Germany Italy Netherlands Spain Sweden UK Australia Japan Norway Switzerland US IASC Mueller’ s Model 2 2 2 2 2 2 1 2 2 1 1 2 2 2 1 N/A Conceptual Framework No No No In development No No In development No No In development In development No No No Yes Yes Based on these data, we established a table showing both the type of approach used to define intangible assets and the existence or otherwise of...
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