Expenditures for technical assistance research and

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Unformatted text preview: know-how, trademarks, and franchises; (2) goodwill; and (3) advance payments on intangible assets. Intangible assets are defined as Intangible assets, such as patents, copyrights, franchises, capital assets that lack physical licenses, or trademarks… substance and are recorded at amortized cost. The financial category for intangible assets includes patents, copyrights, franchises, and trademarks; land rights, mineral rights, and fishing rights; and goodwill. Research and development costs are included with deferred assets. Expenditures for technical assistance, research and development, trial runs, market research and similar activities may be recognized as intangible assets. The balance sheet category "Intangible Assets" may include such items as patents, copyrights, franchises, trademarks, software and goodwill. The following cannot be recognized as assets: - Internally generated goodwill, - Education and improvement costs, - Restructuring costs. 23 Accounting Act – Section 17; BFN R1 on Accounting for Research and Development...
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This note was uploaded on 05/02/2013 for the course ECONOMIC economics taught by Professor Economics during the Fall '13 term at Elmont Memorial High School.

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