Foundation and Challenges of Intangible Values in Financial Accounting and Reporting

Abstract

While Chapter 2 described the basic framework of financial accounting and reporting, Chapter 3 discusses intangible phenomena as a specific issue of financial accounting and reporting and addresses their challenges in accounting and reporting for them, particularly in the context of IFRSs. As a first step, the following sections define the characteristics and attributes of intangible values, distinguish them from tangible items and provide an overview of potential classification schemes.