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THE IMPORTANCE OF INTANGIBLE ASSETS IN A COMPANY ENGAGED IN THE DEVELOPMENT OF ADVANCED TECHNOLOGIES
Abstract
The paper deals with the accounting evidence of intangible assets by respecting the requirements of the Czech accounting legislation. The recognition and measurement of intangible assets can have a significant influence on the information embodied in financial statements of a company. The Czech accounting legislation does not provide any precise definition of intangible assets by specifying their features. It rather includes a list of intangible assets which can be recognized and some examples of expenditures which cannot be regarded as intangible assets. In this respect a more detail analysis of accounting evidence of expenditures spent on research and development is provided. The article provides a comparison of two different ways of recognition and measurement of these expenditures that are allowed according to the Czech accounting legislation. Within this process the impact of both alternatives on the balance sheet and the income statement of a specific company are analyzed. Based on this analysis one way of accounting evidence of expenditures on research and development is recommended.
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