The nature and importance of business intangible assets to organizations today
Keywords:
Intangible assets, intangible resources, intellectual capital, creation of value, ccounting recognition of intangibles, business advantagesAbstract
It has been observed that new economies have created intangible assets that were not taken into account in the past. Today, investment and even consumption-related decisions are made based on non-financial information, and the wide impact of these decisions on business development has become evident. Accounting and regulations have fallen behind the accelerated pace of the economic reality. Hence, there is a need to establish new ways to measure, value, and report intangible assets in financial information in order to be able to reflect the economic reality of the companies. Colombia is no exception. Intangible assets are assessed based on their historical cost, regardless of their potential for creating value and generating benefits. Accounting rules, which are issued by a large number of regulatory agencies, and the complex nature of intangible assets have hindered the evolution of a clear methodology to identify, quantify, and disclose financial information relative to these kinds of assets
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References
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