What is an identifiable asset?

Identifiable asset has a value that can be quantified and reported in accounting statements. This is contrary to other assets where it may be difficult to determine the real market value for various reasons. Some identifiable assets fall into categories such as equipment and property, while others are intangible, such as copyright and patents. Although these assets are not physical, it is still possible to determine its real market value for accounting purposes. This can determine how much business they owe and can provide information about their financial situation. For example, a statement may declare that the company owns a set number of patents in the value of a given amount or sells copyrights to specific works to earn money during the year. The methodology used in identifiable accounting of assets can be discussed to provide context.

Physical Assets may be subject to depreciation. This type of identifiable asset can become less functional or useful over time, which allows the company aboutdepers of real market value. On the contrary, an identifiable asset can also appreciate; For example, the property can become more valuable. If evaluation or depreciation is not correctly reflected, it may lead to incorrect tax declarations, which may require submission if the tax authorities are not met. Intentional falsification may be a reason for legal sanctions.

Sales, mergers and transfers, proper asset valuation is important. The company wants to make sure that all its identifiable assets are named, described and correctly appreciated to ensure that it will obtain a fair selling price if sold. It can also pass on obligations such as excellent accounts, in which case it is necessary to appreciate precisely. The fusion firm may want to distinguish their assets and obligations for future accounting purposes, such as monitoring profits of merger.

Accountant can help the company distinguish between different types of AKTIV and correctly describe identifiable assets. Accounting standards and procedures provide specific instructions that help people maintain standard and correct valuation. These ensure that any accounting manipulation of financial documentation would have reached a similar number using the same valuation and catalog techniques. If there is a dispute over how to manage an identifiable asset, the company can ask for an auditor's expert opinion to deal with the matter.