Resource consents — intangible fixed assets?

Lin Tozer and Lindsay Hawkes

Accounting Forum, 2001, vol. 25, issue 2, 158-173

Abstract: International attempts to draft an accounting standard (IAS38) which establishes the most widely acceptable treatment for intangible assets have sparked considerable debate. A question has been identified, that of whether the ‘right to do something’, as in permission to act, is in itself an intangible asset. An example is resource consents issued in New Zealand under the Resource Management Act 1991. The aim of this research is to investigate the nature of resource consents as intangible assets, according to ICANZ standards, and to determine the level of disclosure practised by companies listed on the NZSE. It is concluded that details of resource consents held should be disclosed in the annual report as additional non‐financial information. While this view is contrary to the requirements of IAS38 and ED87 it can be argued that the omission of resource consents and other similar intangibles is contrary to the spirit of the true and fair view requirement of the Financial Reporting Act and Generally Accepted Accounting Principles (GAAP).

Date: 2001
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DOI: 10.1111/1467-6303.00060

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