Codification Ch 11

In: Business and Management

Submitted By bmcalister
Words 991
Pages 4
Brittany McAlister
FASB Codification part 1
CE 12.1 A. Intangible assets are assets (not including financial assets) that lack physical substance.

B. Goodwill is the excess of the cost of an acquired entity over the net of the amounts assigned to assets acquired and liabilities assumed. The amount recognized as goodwill includes acquired intangible assets that do not meet the criteria in Topic 805 for recognition as an asset apart from goodwill.

C. Research is planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service (referred to as product) or a new process or technique (referred to as process) or in bringing about a significant improvement to an existing product or process. Development is the translation of research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process whether intended for sale or use. It includes the conceptual formulation, design, and testing of product alternatives, construction of prototypes, and operation of pilot plants.

D. A development stage entity is an entity devoting substantially all of its efforts to establishing a new business and for which either of the following conditions exists: 1. Planned principal operations have not commenced.
2. Planned principal operations have commenced, but there has been no significant revenue there from.

CE 12.2
FASB ASC 350-30-35 answers the questions for Harry about the concepts of an indefinite-life intangible asset.
35-1 The accounting for a recognized intangible asset is based on its useful life to the reporting entity. An intangible asset with a finite useful life shall be amortized; an intangible asset with an indefinite useful life shall not be amortized.…...

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