Unformatted text preview: CONCLUSION
All the countries recognize the concept of intangible fixed assets and define criteria for
recording such assets. However, the lack of overall homogeneity in the approach to
intangibles is evidence that no generally-accepted conceptual framework exists. At national
level, no country prescribes just one treatment for each type of intangible, so it appears that
the lack of international homogeneity itself arises from a lack of national homogeneity.
However, from our examination of our sample countries’ own regulations, we see three types
of classification for intangible assets emerging in accounting.
• Firstly, there are the inventory-type approaches, i.e. the lists of intangibles recognized by
the accounting standards as potentially capitalizable.
• The accounting standards also suggest a simplified distinction between research and
development costs, goodwill and other intangible assets, such as patents, licenses, etc.
(This classification could be considered as a variation on the first).
• Finally, as stated above, it can be considered t...
View Full Document