💨 Abstract

The Confederation of Indian Industry (CII) has advocated for a review of intangible asset recognition and accounting as India shifts towards a digital economy. CII highlights the significance of intangible assets in modern business models, particularly in sectors like SaaS, PaaS, blockchain, and advanced manufacturing. However, the current accounting standards only recognize acquired intangible assets and prohibit the capitalization of internally generated intangibles.

Courtesy: theprint.in

Summarized by Einstein Beta 🤖