To mark this momentous year for UK GAAP, I'm embarking on a mission to work my way through FRS 102, reading a portion on each working day of 2015 and writing a short blog entry on my thoughts and musings (be they few or many).
DAY 78 (7 Sep)
Well, after a long summer break , I have emerged ready for the lecturing season and to restart my blog. Back in July I was smugly on track - now, all of a sudden, it's autumn and my progress is looking alarmingly wayward. Fear not, we will be at section 35 by Christmas...
Let's leave the solid, substantial world of section 17 behind and head boldly into the murky vapours of section 18 and intangible assets.
Firstly, let's clear up which intangibles are not included in section 18. The title makes it clear that goodwill is covered elsewhere (in the next section, in fact). The section also does not apply to intangibles held for sale (ie inventories) and FRS 103-related insurance assets. Financial assets, heritage assets and mineral rights and reserves are also excluded.
Tomorrow we'll get onto the first important bit - the definition of an intangible asset, and the presence of a two-letter instead of a three-letter word. Can you guess which they are?
P.S. If you missed the last instalment click here