Our company is developing a website, would we capitalize that cost under Other Assets( intellectual Property)?

Answer 1

You can record your website under intangible asset provided you meet all the recognition criteria.

According to IAS 38, an Intangible asset: An identifiable nonmonetary asset without physical substance. An asset is a resource that is controlled by the enterprise as a result of past events (for example, purchase or self-creation) and from which future economic benefits (inflows of cash or other assets) are expected. Thus, the three critical attributes of an intangible asset are: [IAS 38.8]

1. identifiability
2. control (power to obtain benefits from the asset)
3. future economic benefits (such as revenues or reduced future costs)

Examples of possible intangible assets include:

computer software
patents
copyrights
motion picture films
customer lists
mortgage servicing rights
licenses
import quotas
franchises
customer and supplier relationships
marketing rights

The four main types of IP are:
1. Copyright - Copyright protects material, such as literature, art, music, sound recordings, films and broadcasts.
2. Designs - Designs protect the visual appearance or eye appeal of products.
3. Patents - Patents protect the technical and functional aspects of products and processes.
4. Trade Marks - Trade Marks protect signs that can distinguish the goods and services of one trader from those of another.

However, IP also covers trade secrets, plant varieties, geographical indications, performers rights and so on.
Hence, intellectual property are intangible assets but not all intangible assets are IP.