Noncurrent Assets

Description

This note explains how to account for noncurrent assets, both tangible and intangible. From the initial recording to the sale of an asset, the note covers all the main topics affecting noncurrent assets such as depreciation, impairments and repairs. The section on intangible noncurrent assets pays special attention to research and development costs, goodwill and brands. Differences in accounting treatment between IFRS and U.S. GAAP are identified throughout the note.

Learning Objective

This note explains how to account for noncurrent assets, both tangible and intangible. From the initial recording to the sale of an asset, the note covers all the main topics affecting noncurrent assets such as depreciation, impairments and repairs. The section on intangible noncurrent assets pays special attention to research and development costs, goodwill and brands. Differences in accounting treatment between IFRS and U.S. GAAP are identified throughout the note.

Related Documents

• Introduction to Financial Accounting
• Introducción a la contabilidad financiera (IESE)
• The Balance Sheet
• El balance de situación
• The Income Statement
• The Statement of Cash Flows: Direct and Indirect Method
• Accounting for Inventories
• Accounts Receivable Valuation
• Liabilities: General Issues
• Long-Term Debt and Bonds
• Shareholders' Equity
• Consolidation
• Consolidación
• Tax Accounting

Keywords

Accounting Financial accounting financial reporting Financial statements