In business it is impossible to make money from an asset that does not exist.
If companies are considering “Monetizing” their data, some legal and accounting decisions need to be made to determine if data will appear as a physical (capitalized) asset, or an ‘intangible asset” in the IAS38 (or global equivalent) INTANGIBLE ASSET class.
For some boards, this is a very big decision, to place data on the balance sheet for the very first time.
This is a conversation to be had with your Auditor and your Financial Accountant, not the IT department.
In assisting this process, it’s important for “Data” to have it’s own Chart of Accounts.
Contact us for free copy of our 2012-2017 Chart of Accounts for Data.