Intangible assets are merely pieces of paper that represent something far more valuable to an entity. A business would therefore want to bring that value into its accounting records as capitalised assets.

Understanding whether you indeed have an intangible asset or not, requires guidance, and for this we turn to Section 18.

With many businesses being forced to slow down operations, the need to impair a business’ assets becomes a real issue standing in the way of faithful financial reporting.

Section 27 Impairments places a responsibility on all businesses to consider writing down assets.