PROBLEMS OF ACCOUNTING FOR INTANGIBLE ASSETS IN BUSINESS ACTIVITY

Abstract

This article explores the pressing issues of recognizing, valuing, and accounting for intangible assets in business activity at the intersection of civil law and accounting. Amidst the development of the digital economy, incorporeal things (res incorporales), such as property rights and intellectual property, are acquiring paramount economic significance for business entities. However, the criteria for their reflection in financial reporting frequently do not align with their civil law nature. Employing formal-dogmatic, comparative-legal, and historical-legal methods, this study analyzes the legislation of the Republic of Uzbekistan, including the new National Accounting Standard No. 7, as well as international approaches (IAS 38). The research identifies several substantial collisions, including the narrowing of the scope of intangible assets, the application of an identical approach to proprietary and licensed objects, and the undervaluation of their book value due to the prevalence of the cost-based method. The study substantiates the methodological inadmissibility of mechanically equating the accounting category of an 'intangible asset' with the legal concepts of 'intellectual property' and 'property right.' To resolve the identified issues, the author proposes the implementation of a valuation system based on fair value, alongside the synchronization of civil legislation and accounting methodology. The implementation of the formulated proposals will facilitate an objective assessment of business value and create robust legal conditions for the capitalization of incorporeal things in civil turnover.