ACCOUNTING FOR INTANGIBLE ASSETS IN PUBLIC ACCOUNTING ENGAGEMENTS
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ACCOUNTING FOR INTANGIBLE ASSETS IN PUBLIC ACCOUNTING ENGAGEMENTS
This research examines the accounting for intangible assets in public accounting engagements. The objectives are to identify the key intangible assets that need to be accounted for, to evaluate the challenges faced by public accountants in valuing and reporting intangible assets, and to assess the impact of intangible asset accounting on financial statements. A survey research design was chosen to collect data from public accountants and financial analysts. Using Taro Yamane's formula, a sample size of 210 respondents was selected to ensure statistical significance. The study focuses on Lagos, Nigeria, due to its diverse business environment and the prevalence of companies with significant intangible assets. The reliability coefficient score for the survey instrument was 0.87, indicating high reliability. Findings indicate that intangible assets such as intellectual property, goodwill, and brand value are critical components of financial statements. However, challenges in valuation, recognition, and reporting of intangible assets were highlighted. The study recommends that accounting standards be updated to provide clearer guidelines on intangible asset accounting and that public accountants receive specialized training to accurately value and report these assets.
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