Monthly archives: May, 2023

What Qualifies as An Asset Under IFRS? Assets Recognition Criteria

Like all assets, intangible assets are expected to generate economic returns for the company in the future. As a long-term asset, this expectation extends for more than one year or one operating cycle. In financial reporting, depreciation methods like straight-line or double-declining balance influence financial statements and ratios. Straight-line depreciation spreads costs evenly, while accelerated …