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Virtual assets are the assets which exist in the virtual world while the Intangible assets are the assets which exist in the real world. Virtual assets have various objectives defined over the virtual world which have the following properties:
As per Financial Accounting Standard Board (ASC 350) defines an intangible asset, other than financial asset that lacks physical substance.
The global secondary market - defined as real money trading between players - turnover was estimated at 880 million dollars in 2005. Before that, in 2004, the American economist Edward Castronova had estimated the turnover at over 100 million dollars based solely on sales figures from the two auction sites eBay and the Korean item Bay. A speculative extrapolation based on these quotes and other industry figures produced a global turnover figure of 2 billion dollars as of 2007.The intangible assets such as Goodwill, Patents, and Trademarks are recognised in Balance sheet in asset side, but when we talk about the virtual assets most scholars think that sale of virtual property for virtual currency is taxable, in other words where the virtual money in traded for real money those transactions are taxable and should be recorded in financial statement. However there are certain legal and practical challenges to the taxation of income from the sale of virtual property. Moreover uncertainty regarding the nature and conceptual location of virtual property makes it difficult to collect and appropriate tax revenue when a sale occurs across multiple jurisdictions. Thus till the time the transaction of virtual world takes place with the real world we cannot record such assets.
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