An identifiable intangible asset developed internally is never recognized in the accounts as an asset.

Question

Quizplus · Accepted Answer

An identifiable intangible asset developed internally can be recognized in the accounts as an asset if it meets the criteria for recognition under the relevant accounting standards. Examples of such intangible assets include but are not limited to internally developed trademarks, patents, and copyrights. However, determining the recognition criteria and the appropriate valuation of such assets can be complex and often require the use of professional judgment.

An Identifiable Intangible Asset Developed Internally Is Never Recognized in the Accounts