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[QUOTE]Originally posted by fatcat: [QB] The bashers on Allstocks and on IH are both making a lot of hooey regarding the statement of Intangible Assets as $99M and suggesting that Intangible Assets is where to put your unexploited mineral valuation. Unfortunately, nobody on either board has pointed out what Intangible Assets are, so the bashers' incorrect assertion has made a lot of people scared. Not surprising, since most people who trade stocks aren't accountants. Neither am I, but I can search Google and read. According to the IAS ( http://www.iasplus.com/standard/ias38.htm) intangible assets DO NOT include mineral assets but only to mineral RIGHTS (such as the amount paid for a lease): [CODE]IAS 38 applies to all intangible assets other than: [IAS 38.2-3] * financial assets * mineral rights and exploration and development costs incurred by mining and oil and gas companies * intangible assets arising from insurance contracts issued by insurance companies * intangible assets covered by another IAS, such as intangibles held for sale, deferred tax assets, lease assets, assets arising from employee benefits, and goodwill. Goodwill is covered by IFRS 3[/CODE]Examples of intangible assets (again according to IAS): [CODE] * computer software * patents * copyrights * motion picture films * customer lists * mortgage servicing rights * licenses * import quotas * franchises * customer and supplier relationships * marketing rights [/CODE]This PDF document [URL]http://www.iasplus.com/iasplus/0501ifrs6.pdf [/URL] explains: [CODE]Once the technical feasibility and commercial viability of extracting a mineral resource becomes demonstrable, any previously recognised exploration and evaluation asset falls outside the scope of IFRS 6 and is reclassified in accordance with other relevant Standards.[/CODE]Nord has done that, so Nord's oil in the ground is NOT going to be listed as an intangible asset. The PDF seems to say it is evaluated according to IAS 16 which covers valuation of Property, Plant and Equipment. Hopefully the bashers will stop trying to create FUD by trying to make people believe the line item of Intangible Assets is Nord's valuation of its oil in the ground. It isn't. [/QB][/QUOTE]
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