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This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License
Article
Author(s)
Gkinoglou Emmanouil
Ginoglou Dimitrios
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DOI:10.17265/1537-1506/2017.12.002
Affiliation(s)
Tax and Business Consultant, Thessaloniki, Greece
University of Macedonia, Thessaloniki, Greece
ABSTRACT
It is a common belief, for the
last two decades, that we can observe the transformation of the international economy,
from industrial to knowledge economy. In a continuous changing economy, the main
advantage the companies have is not the buildings, the machines, the trucks, or the total equipment.
The strategic key of a company today is the capital that cannot be copied easily,
that is not disclosed and is not tangible, the intellectual capital of the company.
The intangible assets can be characterized as those without physical appearance
and the value of which is limited by the rights and anticipative benefits that possession
confers upon the owner. The expansion of companies into foreign markets presupposes
the aggregation of financial information that includes non-homogeneous elements.
The purpose of this paper is to examine the framework of identification, as well
as the disclosure requirements of brand names as they have been set by several articles
of Commercial Law and recognized by professional accounting institutions. Emphasis
will be given to analyzing existing accounting recognition and measurement, and
proposals worldwide. In
conclusion, this study indicates the accounting problems of definition, measurement, and disclosure of the
majority of these intangible assets to users of financial statements of the company.
Despite all the difficulties, this property of the company must in some way be measured
and disclosed to lead to more reliable financial statements. The proposals of this
paper, will help the accounting community to solve this major problem.
KEYWORDS
accounting, intangible assets, measurement of intangible assets, intellectual capital, brand name, intellectual capital, R&D, IFRS
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