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Unformatted text preview: gal right to the asset or
control over the separation of the asset? According to Lacroix (1996: 18), “it is possible that
this fundamental doubt at the Board (IASC) reflects the need to settle the debate between the
supporters of a strictly legal approach to the concept of an asset and the supporters of a
substantive way of thinking which refers to the market”. In any case, identifiability can be
considered an inclusion criterion for socio-legal recognition of the intangible item.
The same type of recognition criteria exist in Belgium and Luxembourg’ accounting
standards, which state that if the estimated costs of internally generated intangibles are higher
than the expected future benefits, it is not possible to capitalize these expenses. This general
condition actually implies the presence of two exclusion criteria: assessment of the possible
cost and risk level. 12 Taking tables 4 and 5 together, we can observe an implicit classification of intangibles
emerging, based on two...
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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.
- Fall '13
- The Land