Intangible assets have been argued to be one possible contributor to the disparity between company value as per their accounting records, and company value as per their market capitalisation. Considering this argument, it is important to understand what an intangible asset truly is in the eyes of an accountant. A number of attempts have been made to define intangible assets: Prior to 2005 the Australian Accounting Standards Board issued the Statement of Accounting Concepts number 4 (SAC 4).
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