Accounting for Intangible Assets: Overview of ASC 350

What are intangible assets? If you can't see them or touch them, do they really exist? Well, the answer is, yes, but whether we record them in our U.S. GAAP financial statements is another matter! In this CPE-eligible, eLearning course (1.5 CPE) we explore the mystical world of intangible assets and the related accounting guidance in ASC 350. Specifically, you learn how to recognize and initially measure intangible assets, whether acquired separately or as part of a business combination. We discuss the accounting for internally developed intangible assets, including intangible assets related to R&D, internal-use software, website development costs, and software to be sold, leased, or otherwise marketed. We also discuss determining whether intangible assets have a finite life or an indefinite life, and the subsequent accounting for each. That said, we do not get into assessing and recording impairment of intangible assets as that topic is covered in another eLearning course. By the end of this online course, you'll be a true believer in intangible assets!

 By the end of this course, you should be able to: 

• Identify intangible assets acquired in a business combination that should be recognized separately from goodwill 
• Identify intangible assets acquired other than in a business combination that should be recognized 
• Recall the accounting for software costs, depending on the stage of development 
• Recall the subsequent measurement accounting for intangible assets 
• Recall the disclosure requirements related to intangible assets and goodwill