INTANGIBLE ASSETS AND THEIR IMPACT ON THE BALANCE SHEET OF IRAQI BANKS
Keywords:
Abstract
The most significant changes in the modern business environment during the 1990s have been the increasing importance of intangible elements of knowledge, technology, individual skills, and other factors that have become the main source of wealth and income and the enhancement of the competitive advantages of the business to survive and grow. This has been accompanied by a higher market value of the business than double its book value, especially in knowledge-intensive sectors such as communications, medicines, and software. This is due to the current accounting model's inadequate treatment of intangible assets, which are recognized as assets only when purchased from third parties. The research aims to attempt to provide an accounting framework for intangible assets that avoids previous deficiencies and criticisms to increase the effectiveness of financial reporting in light of contemporary developments in the business environment by assessing the accounting treatment of intangible assets purchased in the standards issued.
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