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Accounting for Intangible Assets

08 Mar 2012 / 0 Comments

Steve Collings looks at the fundamental principles in accounting for goodwill and intangible assets and also looks at some fundamental differences between current UK GAAP, IFRS and the proposed IFRS for SMEs.As accountants we are all aware that an intangible asset does not have any physical form

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Published On:Thursday, 12 January 2012
Posted by Muhammad Atif Saeed

Law Dictionary Word Under D

Damages the name for money awarded by a court as compensation.

Debenture a document issued by a company which acknowledges that some or all of the  company's assets are security for a debt (usually to a bank). It is also the name for certain long-term loans to companies.

Debt money owed. 

Debtor someone who owes you money.

Debt securities debts which can be bought and sold, such as debentures.

Deceit when one person deliberately misleads a second person with a statement which causes the second person to do something that causes them damage.

Decree an order by a court.

Decree absolute the final court order which ends a marriage.

Decree nisi a provisional court order which orders that a marriage should be dissolved.

Deed a legal document which commits the person signing it to something.

Deed of arrangement a written agreement which can be made, when a debtor is in financial trouble, between the debtor and the creditors. It is intended to benefit the creditors and avoid the bankruptcy of the debtor. The creditors get a proportion of the money owing to them.

De facto in fact or in reality. (This term is Latin.)

Defamation making a statement, either orally or in writing, which damages someone's reputation.

Default failing to do something which had been agreed to.

Defence the name for the team of people (lawyers and so on) defending against proceedings brought against someone. It is also in a civil case a written statement (pleading) by the defendant setting out the facts that the defence will rely on.

Defendant a person defending a court action which has been taken against them.

De jure rightfully. (This term is Latin.)

De minimis non curat lex the law will not take account of trifling matters. (This phrase is Latin.)

Dependant someone who depends on someone else for financial support.

Deponent a person who swears on oath that a statement is correct.

Deposition a statement, by a witness, made under oath. 

Depreciation the drop in value of an asset due to wear and tear, age and obsolescence (going out of date), as recorded in an organisation's financial records.

Derogation damaging someone's rights or entitlements. 

Determination ending an agreement.

Devise to leave land in a will.

Devisee the person who is left freehold property or land in a will.

Diminished responsibility a defence sometimes used for someone charged with murder, that they suffered lowered powers of reasoning and judgement because of their unusual state of mind. If their defence succeeds they will be convicted of manslaughter.

Diocese the area covered by a bishop's authority. 

Diplomatic immunity immunity given to certain members of foreign embassies, such as ambassadors, for crimes they may have committed. 

Direction/directing judges must give juries instructions on points of law. This is called directing the jury. 

Director a person appointed to help manage a company's affairs. 

Disbursement a payment made by a professional person, such as a solicitor or accountant, on behalf of a client. The money is claimed back by including it on the bill for professional services which is sent to the client.

Discharge release from:
_ a commitment such as a debt;
_ a contract because it has finished or the parties agree to end it; or
_ a punishment for a crime.

Disclaim/disclaimer to give up a claim or a right or refuse to take over an onerous (having more obligations than advantages) contract. A disclaimer can also be a notice to limit responsibility.

Discovery one party in a civil case revealing to the other party the documents relevant to the case under the first party's control and allowing them to be inspected. 

Discretionary trust a trust in which the trustees can decide who will benefit from the trust and how much they will get. 

Disposal (dispose of) selling, transferring or giving away something.

Distrain/distress to seize goods as security for an unpaid debt.

Divorce the legal end to a marriage.

Divorce petition an application for the legal ending of a marriage.

Domicile the country where your permanent home is, even if you are living somewhere else for now. 

Domiciled permanently based in a country.

Domicile of choice the country in which you make your home, intending it to be permanent.

Domicile of origin the domicile a newborn child has. This is usually its father's domicile or, if the father is dead, its mother's.

Drawee the organisation which will pay a bill of exchange (such as a cheque). In the case of a cheque, this is the bank that the cheque is drawn on.

Drawer the person or organisation that has written a bill of exchange, such as a person who has written a cheque.

Duress threatening or pressurising someone to do something.

Duty a levy charged by the Government, usually when things are bought, such as shares or buildings.

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Posted by Muhammad Atif Saeed on 14:29. Filed under , . You can follow any responses to this entry through the RSS 2.0. Feel free to leave a response

By Muhammad Atif Saeed on 14:29. Filed under , . Follow any responses to the RSS 2.0. Leave a response

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I am doing ACMA from Institute of Cost and Management Accountants Pakistan (Islamabad). Computer and Accounting are my favorite subjects contact Information: +923347787272 atifsaeedicmap@gmail.com atifsaeed_icmap@hotmail.com
  1. Accounting for Intangible Assets
  2. Fair Value Measurement of Financial Liabilities
  3. The Concept of Going Concern
  4. The Capital Asset Pricing Model
  5. Bond Valuation
  6. Asset Management Market Efficiency Asset Management Market Efficiency
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