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GASB 51: Accounting Standards for Intangible Assets

Governments possess many different types of assets that may be considered intangible assets, including easements, water or air rights, timber rights, patents, trademarks, and computer software. The implementation of GASB 34 created questions as to whether and when intangible assets should be considered capital assets for financial reporting purposes. An absence of sufficiently specific authoritative guidance resulted in inconsistencies in the accounting and financial reporting of intangible assets among governments, particularly in the areas of recognition, initial measurement, and amortization. This course will help you understand the nature of intangible assets while you are tracking and reporting capital assets. You will be able to identify intangible assets and the initial measurement of those assets. Discussion will include how to determine the useful life of intangible assets, how to address amortization issues, and be cognizant to impairment indicators. Finally, you will have a better understanding of how to account for and report intangible assets in your CAFR.


Runtime: 38 minutes
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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Why Is GASB 51 Necessary?

Recognition and Initial Measurement Criteria

  • When Is an Asset Considered Identifiable?
  • Recognizing Internally Generated Intangible Assets
  • Internally Generated Computer Software

Amortization

  • Determining the Useful Life of Intangible Assets
  • Amortization Issues
  • Impairment Indicators

Accounting and Financial Reporting for Intangible Assets

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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This course was last revised on January 14, 2011.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Nancy Young

Nancy Young

Moss Adams LLP

  • Senior manager for Moss Adams LLP, in Portland, Oregon
  • Active member in the firm’s Government Services Group
  • Previously worked for 10 years as an audit manager with the Oregon Secretary of State Audits Division
  • Experience includes audits of state, local, and special purpose governments
  • Certified public accountant
  • Certified information systems auditor and has conducted general and application control audits of state and local governments
  • Certified fraud examiner and has conducted numerous fraud investigations of state, local, and tribal governments
  • Frequent presenter and adjunct professor at Portland State University teaching governmental/NFP accounting, and forensic and investigative accounting
  • Member of the American Institute of Certified Public Accountants, the Association of Certified Fraud Examiners and the Information Systems Audit and Control Foundation
  • Master’s degree in business administration, Portland State University; B.S. degree in business management and communications, Corban College
  • Can be contacted at 503-478-2289 or [email protected]
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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 387159
Published 2011
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