FIN 131: Intangible Assets Security
To establish policies for identifying and recording intangible assets
Government Accounting Standards Board (GASB) Statement No. 51
All intangible assets subject to the provisions of this policy should be classified as capital assets and existing authoritative guidance and other university policies applicable to capital assets, including recognition, measurement, depreciation/amortization, impairment, presentation, and disclosure should be applied. This policy is effective June 30, 2010, and is retroactive to July, 1980.
This policy does not apply to (1) assets acquired or created primarily for the purpose of directly obtaining income or profit, (2) assets resulting from capital lease transactions reported by lessees, or (3) goodwill created through the combination of a government and another entity.
An intangible asset possesses all three of the following characteristics:
Examples of intangible assets include computer software, patents, trademarks, copyrights, websites, and right-of-way easements. Intangible assets can be purchased or licensed, acquired through non-exchange transactions (e.g., donations), or internally generated.
Intangible assets are capitalized or expensed depending on their cost; see the Property Control System Policies and Procedures Manual—PCS 104, “Intangible Assets” for threshold information.
For more information about intangible assets, see the Property Control System Policies and Procedures Manual—PCS 104, “Intangible Assets.”
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