“Jazz isn’t music because you can’t read it or write it,” declared Buenos Aires concert master Luis Schifrin to his son. A master of what his father deemed intangible, Lalo — as he called himself — went on to become a great jazz pianist, write more than 100 scores for films, television, and video games, and become most famous for composing the “burning-fuse” theme tune from the Mission: Impossible television series.
By modern accounting standards, like those of Schifrin p�re, most things of value are intangible. International Accounting Standard 38, promulgated in March 2004, requires an enterprise to recognize an intangible asset, whether purchased or self-created (at cost) if, and only if:
- It is probable that the future economic benefits that are attributable to the asset will flow to the enterprise; and
The cost of the asset can be measured reliably.
