Accounting for the acquisition (creation), impairment and write-off of intangible assets

Abstract

Subject. This article deals with the issues of management of the acquisition (creation), valuation, revaluation, amortization of intangible value and operations for the write-off of intangible assets in accordance with the provisions of FSBU 14/2022 – Intangible Assets. Objectives. The article aims to disclose the issues of organization of analytical and synthetic accounting for the acquisition (creation), impairment and write-off of intangible assets, substantiate the procedure for keeping records of intangible assets and develop methodological aspects of analytical and synthetic accounting for the acquisition, impairment and write-off of intangible assets. Methods. For the study, we used analysis and synthesis, modeling, systematization, and generalization. Results. The article reveals the problematic issues of accounting for intangible assets. The article also formulates proposals for reflecting operations on income flows and the causes for writing off of intangible assets, and presents a recommended methodology for accounting for impairment operations of intangible assets and costs associated with their write-off. Conclusions and Relevance. To ensure the reliability of accounting and financial reporting data regarding intangible assets, it is necessary to clearly organize analytical and synthetic accounting of these items on the basis of supporting primary documentation in accordance with the requirements of FSBU 14/2022 – Intangible Assets. Entities should monitor impairment of intangible assets and record the results in accounts in accordance with International Financial Reporting Standard (IAS) 36 – Impairment of Assets. The results of the study can be applied in the theory and practice of accounting.