Internally Generated Intangible Assets on the Balance Sheet - Are you ready?

The Australian Accounting Standards Board (AASB) is currently deliberating over the recent US accounting

standards requiring that internally generated intangible assets and goodwill be valued and placed on the Balance Sheet.



This will require the Valuation of Patents, Trademarks, Customer Lists, R&D (Commercialisation phase) and any

other Intangible Asset deemed separable or legal / contractual in nature. Goodwill will no longer be amortised, but

valued and tested for impairment annually.



In conforming to global harmonisation schedules, the AASB is currently evaluating the direction of the International

Accounting Standards Board (IASB), whose standards in the near future will in all probability mirror those of their US

counterparts, the Financial Accounting Standards Board (FASB). namely FASB 141 "Business Combinations" and

FASB 142 "Goodwill and Other Intangible Assets".



The advent of FASB 141 and FASB in the US, eliminating amortisatio...