Abstract
Addresses the UK accounting definition of an asset from a practical, theoretical and critical perspective. It suggests that it is a flawed definition in need of change. The accounting definition (UK and US) recognises assets arising from a “transaction or event”, a basis which, inter alia, is inadequate for the task of recognising often hugely valuable, internally created assets, such as brands, software and research patents. As providers of financial information to management, the accounting profession has a duty to account for all the tangible and intangible assets of a business. However, as this paper shows, there are many practical circumstances in which it fails in this task.
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