GASB Statement No 51 Accounting and Financial Reporting for.pptVIP

GASB Statement No. 51Accounting and Financial Reporting for Intangible AssetsImplementation Issues Herbert Maguire, CPA, CGFM, MBA Commonwealth of Pennsylvania * DEFINITION For the purposes of the Statement, an intangible asset possesses ALL of the following characteristics: Lack of physical substance Non-financial nature Initial useful life extends beyond a single financial reporting period * EXAMPLES OF INTANGIBLE ASSETS Easements Water Rights Timber Rights Patents Trademarks Computer Software * EXAMPLES OF INTANGIBLE ASSETS Easements Water Rights Timber Rights Patents Trademarks C