SW NIHAO Newsletter E.6 – October 2022

INVISIBLE

Management, Protection, Reporting, and Compliance Aspects of Invisible Assets

01. ACCOUNTING FOR INTANGIBLE ASSETS

Intangible assets are beneficial in various aspects, both financial, taxation and accounting. Given the importance of these assets, it is necessary for accountants to pay attention in recognizing, measuring and recording intangible assets regulated by the government and contained in the International Financial Reporting Standards (IFRS).

02. BRAND VALUE BECOMES AN INTANGIBLE ASSET FOR PUBLIC COMPANIES

The trademark is widely useful in business activities and sustainability so as to encourage the Company to continue increase its value. Increasing the value and image of the Company is one of the benefits of an IPO for the Company hence, there are 8 out of 10 companies with the most valuable trademarks that are public companies in Indonesia.

03. VALUE ADDED TAX ON THE UTILIZATION OF OVERSEAS SERVICES

Indonesia regulates the scope of VAT jurisdiction in the Law, whether the principle of origin or purpose. Based on Law No.42 of 2009, it is explained that VAT is imposed on the utilization of Taxable Goods (BKP) and Taxable Services (JKP) from outside the Customs area.

04. LEGAL PROTECTION OF THE TRADEMARK

The broad benefits of the trademark for the Company prompted the Government to seek legal protection of the trademark that the Company built. A trademark can be registered by the Company by observing the specified criteria until the Company obtains the right to use the trademark.

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  • As the webmaster and author for SW Indonesia, I am dedicated to providing informative and insightful content related to accounting, taxation, and business practices in Indonesia. With a strong background in web management and a deep understanding of the accounting industry, my aim is to deliver valuable knowledge and resources to our audience. From articles on VAT regulations to tips for e-commerce taxation, I strive to help businesses navigate the complexities of the Indonesian tax system. Trust SW Indonesia as your go-to source for reliable and up-to-date information, empowering you to make informed decisions and drive success in your business ventures.

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