Editing Intangible asset (section)

=== General standards ===

The [[International Accounting Standards Board]] (IASB) offers some guidance (IAS 38) as to how intangible assets should be accounted for in [[financial statement]]s. In general, legal intangibles that are developed internally are not recognized and legal intangibles that are purchased from third parties are recognized.<ref name=":0">Webster, Elisabeth; Jensen, Paul H. (2006). "Investment in Intangible Capital: An Enterprise Perspective." ''The Economic Record'', Vol. 82, No. 256, March, 82–96.</ref> Wordings are similar to IAS 9.

Under US GAAP, intangible assets<ref name=":0" /><ref>{{Cite web |title=What are intangibles? |url=https://www.royaltyrange.com/home/blog/what-are-intangibles |access-date=2023-03-08 |website=www.royaltyrange.com}}</ref> are classified into: Purchased vs. internally created intangibles, and Limited-life vs. indefinite-life intangibles. <ref>{{Cite web |title=10.4 Intangible assets |url=https://viewpoint.pwc.com/dt/us/en/pwc/accounting_guides/not-for-profit-entities/Not-for-profit-entities/Nfp10_1/104_Intangible_assets_20.html |access-date=2025-05-21 |website=viewpoint.pwc.com |language=en-US}}</ref>