BIOXPARC Digital Platform reviews in-use Counting Criteria periodically
To better meet the criteria for registration and certification established by the international accounting standards, in BIOXPARC Digital Platform, the different activities related of intangibles assets are been subdivide in 9 specialized platforms: each digital platform is available to help members identify, record, and evaluate their activities that create intangible assets, in compliance with the most several international standards.
when IFRS 3 in Europe, and FAS 141 in the US, started to require companies to break down the value of the intangibles they acquire as a result of a takeover into five different categories — including customer- and market related intangibles — rather than lumping them together under the catch-all term ‘goodwill’ as they had in the past.
But because only acquired intangibles, and not those internally generated, can be recorded on the balance sheet, this results in a lopsided view of a company’s value. What is more, the value of those assets can only stay the same or be revised downwards in each subsequent year, thus failing to reflect the additional value that the new stewardship ought to be creating.
In addition BIOXPARC platform improves the standards of financial communication. In common practice financial reporting is not just about technical compliance, but also effective communication. In preparing their financial statements, entities need to focus on improving their communication by reporting financial information in a meaningful way.
Finally, entities members of BIOXPARC network may also consider innovating their financial statement presentation and disclosure in the broader context of better business reporting and marketing approach.