Goto Section: 32.2682 | 32.3000 | Table of Contents
Revised as of September 1, 2021
Goto Year:2020 |
§ 32.2690 Intangibles.
(a) This account shall include the cost of organizing and incorporating
the company, the original cost of government franchises, the original
cost of patent rights, and other intangible property having a life of
more than one year and used in connection with the company's
(c) The cost of other intangible assets, not including software, having
a life of one year or less shall be charged directly to Account 6564,
Amortization expense—intangible. Such intangibles acquired at small
cost may also be charged to Account 6564, irrespective of their term of
life. The cost of software having a life of one year or less shall be
charged directly to the applicable expense account with which the
software is associated.
(d) The amortization associated with the costs recorded in the
Intangibles account will be credited directly to this asset account,
leaving a balance representing the unamortized cost.
(e) This account shall not include any discounts on securities issued,
nor shall it include costs incident to negotiating loans, selling bonds
or other evidences of debt, or expenses in connection with the
authorization, issuance, sale or resale of capital stock.
(f) When charges are made to this account for expenses incurred in
mergers, consolidations, or reorganizations, amounts previously
included in this account on the books of the various companies
concerned shall not be carried over.
(g) Franchise taxes payable annually or more frequently shall be
charged to Account 7240, Operating other taxes.
(h) This account shall not include the cost of plant, material and
supplies, or equipment furnished to municipalities or other
governmental authorities when given other than as initial consideration
for franchises or similar rights. (Note also Account 6720, General &
(i) This account shall not include the original cost of easements,
rights of way, and similar rights in land having a term of more than
one year. Such amounts shall be recorded in Account 2111, Land, or in
the appropriate outside plant account (see Accounts 2411 through 2441),
or in the appropriate central office account (see Accounts 2211 through
[ 67 FR 5687 , Feb. 6, 2002, as amended at 69 FR 53649 , Sept. 2, 2004; 82 FR 20841 , May 4, 2017]
Goto Section: 32.2682 | 32.3000
Goto Year: 2020 |
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