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.“
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the focus on my studies for the next years will generally be on intangible assets and what they mean to Australia’s economy.
Since 2001, where Daley found that Australia is not utilising intangible assets (IA) to its full advantage, and therefore falling behind in R&D, something interesting has happened.
The economy boomed on the back of the mining and resource demand despite study findings that the IA driven economy is the sustainable future direction for developed nations.
The advocates of social capital and the creative class seem pretty silent after the dot com crash and amongst the gold rush mentality of the current mining boom in Western Australia.
Perth, Western Australia is a prime example of a state in an identity struggle for the quest to please existing and new citizens.
Although there is a movement to revitalise the city and a call to continue with the IA paradigm to ‘build a state of creativity’ , we are a far cry from amalgamating the operational with the mundane concept of ‘culture and the arts’ in this city. (more…)
