How does Apple Inc handle internally generated intangibles under U.S. General Accepted Accounting Standards?
How does Apple Inc handle internally generated intangibles under U.S. General Accepted Accounting Standards?
Homework Answers
Apple Inc is engaged in designing and maintaining communication devices through online stores, retail shops, wholesale markets and direct sales force. The different types of products offered by Apple Inc are iphone,personal computers, mac, ipad etc.
Intangible assets are generally non-monetary which cannot be seen, touched and physically felt. They are long term assets and have useful life of more than 1 year.
In Apple Inc, the internally developed intangibles are not shown in the balance sheet. The reason is that the logo of Apple Inc which has high amount of recognition value was developed internally and does not holds a price which can provide fair market value.On the contrary if the logo was acquired from a different organisation, then that intangible asset would have been shown in balance sheet.
When the intangibles have an identified value, they are shown in the balance sheet of the company as long term assets.
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How does Apple Inc handle internally generated intangibles under
U.S. General Accepted Accounting Standards?
How does Samsung handle internally generated intangibles under International Financial Reporting Standards?
How does Samsung handle internally generated intangibles under International Financial Reporting Standards?
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