Prospects for accounting for intangible assets: Interpretation of the economic essence and conditions of recognition

Abstract

Subject. This article discusses the issues related to the regulation of the interpretation and recognition of intangible assets. Objectives. The article aims to identify the prospects for solving the problematic aspects of the interpretation of the economic essence of intangible assets and the criteria for their recognition in accounting and reporting. Methods. For the study, I used a critical analysis, synthesis, comparison, observation, and the analogy approach. Results. The article presents the results of a study of new approaches to the interpretation of the economic essence and recognition of intangible assets in the FSBU Projects – Intangible Assets, developed by the Ministry of Finance of the Russian Federation and the National Non-Governmental Accounting Regulator "Accounting Methodological Center" (NRBU BMTs Fund). Conclusions and Relevance. Each of the Projects under consideration has both advantages and disadvantages with regard to the interpretation of the economic essence and the regulation of criteria for the recognition of intangible assets. Both the Projects are a step forward with regard to the regulation of these issues compared to PBU 14/2007. The results obtained have both practical and theoretical areas of application in the field of financial accounting.