ECONOMIC AND LEGAL VIEW ON DEVELOPMENT OF INTANGIBLE ASSETS ACCOUNTING ON THE WAY TO NEO-ECONOMY

Abstract

From the economic and legal point of view the author made generalization and formation of the view on the development of the national accounting of intangible assets (IA) under the influence of changes in the European Union as a condition for advancement to the neo-economy. It is considered essentially the national standard — Provision (Standard) of Accounting 8 «Intangible assets» in comparison with the analogous international accounting standard of IAS 38 «Intangible assets». It is noted that, in contrast to the domestic standard, IAS 38 describes the procedure for analyzing compliance of IA with the criteria of an asset as an intangible resource. It is taken into account that in the course of the operation of the IA the enterprise may incur costs: related to the improvement (modernization) of such assets; aimed at supporting the IA facility in a serviceable condition.It is stated that an asset is identifiable if it: (a) can be separated, that is, it can be separated or separated from the entity and sold, transferred, licensed, leased or exchanged individually or in conjunction with a related contract, an identified asset or liability, whether or not the entity intends to do so, or b) arises as a result of contractual or other legal rights, whether or not they may be transferred or separated from the entity or from other rights and obligations. It is stated that an entity controls the asset if it is empowered to obtain future economic benefits coming from the primary resource and restrict others from accessing those benefits.It is noted that the use of intellectual property rights in the production process may reduce future production costs rather than increase future revenues. The ability of an entity to control the future economic benefits of IA is largely based on the legal rights that can be assured through litigation. Legislative requirements have been createdto align Ukrainian accounting standards with EU law and update the procedure for applying the International Financial Reporting System, which is also related to IA, especially for large companies. The introduction of digital finances and digital accounting can make significant changes. The applying of International Financial ReportingStandards in European countries supports to ensure compliance with the rules of national legislation of Ukraine in the field of accounting.