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Accounting Treatments for Identifiable Intangible Assets Currently in Australia, there is no single accounting standard specifically handling the issue of accounting for identifiable intangible assets other than research and development costs. In 1989, the Australian Accounting Research Foundation (AARF) issued an exposure draft ED 49 Accounting for Identifiable Intangible Asset, covering a vast range of identifiable intangibles, which included, but was not restricted to, brand names, franchises, licence agreements, copyrights, intellectual property, mastheads, trademarks and patents. However, it was withdrawn in 1992 due to a lack of consensus (Belkaoui & Jones, 1996, p.484). Because of the absence of special standards, accounting treatments for these identifiable intangible assets could be selective and thus creative. It may be necessary to take further action to develop an accounting standard on this issue in Australia. Although intangible assets are often referred to in the literature and in the financial reports of many entities,...

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