I say intangible and you say asset…
I am trying to clarify the terminology of Intangible Assets (IA). It turns out, that intangibles mean something else to everybody, depending on who you ask.
According to NSW’s Treasury Department’s policy definition
“There is currently no Australian Accounting Standard that comprehensively deals with intangible assets. However there are general requirements contained in a number of standards that are applied to intangible assets.“
And then the policy goes on to explain:
“The main impact of this standard on ACT Government agencies is in relation to software, as this is the only material intangible asset that is held by the ACT.“
