Introduction to provide brief financial information to the stakeholders of the organization

        The organizations prepare financial statements to provide brief financial information to the stakeholders of the organization. A balance sheet is one of the main financial statements that shows the financial position of the corporation. The balance sheet provides brief information regarding the assets & liabilities. Assets are of various types some assets are tangible assets are some are intangible assets. Both these types of assets are included in the balance sheet according to the requirements set by GAAP. The intangible assets appear in the balance sheet when they acquired by the corporation or have useful lifespan & identifiable value. The intangible assets are valued through a proper procedure which is explained in detail below: