L these are not mutually exclusive in fact a country

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Unformatted text preview: e: • ctual definitions, which we have called “conceptual”; a •ists of intangible assets, a kind of “inventory”. l These are not mutually exclusive. In fact, a country that applies a conceptual approach to intangibles generally also supplies a supposedly exhaustive list of intangibles concerned. 5 Following on from this, the conceptual approaches can be divided into three categories: • tautological definitions (for example, “an intangible asset is characterized by a lack of physical substance”; “in order to be included in the balance sheet category entitled “Intangible Fixed Assets”, an asset must be intangible”, etc.); • definitions by opposition (for example “fixed assets other than tangible or financial”); • and real definitions, that is definitions which make a genuine conceptual effort to determine what an intangible asset is. A table summarizing information corresponding to the figure 1 diagram is shown below (Table 1). Table 1 – Definition of Intangibles in Accounting Standards Countries Tautological Conceptual approaches By opposition (-) European Union Austria Belgium Denmark Finland France Germany Greece Ireland x Italy Luxembourg Netherlands x Portugal Spain Sweden UK Sub-Total 2 Other countries Australia Canada x Japan Norway Switzerland x USA Sub-Total 2 Supra-National Accounting Organizations IASC European Union Sub-Total 0 Total 4 List of Intangibles Real (+) x x x x x x x x x x x x x 5 x 2 x1 x 1 x 2 x 0 6 1 5 x...
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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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