Explain intangible assets

Something to think about  April 20, 2011 – 04:56 pm
ImageTable Model 1 – net A guy brought up a question in class together when the lecturer tried to explain intangible assets on the balance sheet, and the various methods of impairment.
"Suppose a football club in Europe who sells its players, how does the club classify the cash flow generated from the sale? "
Soccer players aren't exactly classified as assets on the balance sheet, and therefore recording the sale as a "gain from sale of asset" isn't probable. On the other hand, soccer clubs often pay a price above and beyond to obtain a good player which accountants normally classify as goodwill which would then be impaired over the years. A human being who is on the payroll is obviously an employee, and not an asset. How is it possible to sell an employee and record the sale as a revenue? On the other hand, for the soccer club who buy the player, how do they classify this cash outflow? What will be the other entry to the journal to balance the books?
I'm so intrigued to delve into the books of these soccer clubs now.
On another note, I clocked a record time today: The longest drive ever to get home from town.

Source: nothing in particular

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Then perhaps you can explain how a service company (such as a consulting firm) can provide an intangible asset to its clients (created literally out of education and thin air) and sell that asset in the form of stock to buyers on a public market.
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