Final answer:
The student's question involves the actions needed to report unreported intangible assets. This includes identifying, valuing, and disclosing the assets according to accounting standards. Valuation is complex and often requires professional expertise.
Step-by-step explanation:
The student is asking about the process for reporting previously unreported intangible assets for a company. To have these assets reported on the company's financial statement, certain actions must be taken which typically involve identifying, valuing, and then disclosing the intangible assets according to the accounting standards, such as the Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS).
Intangible assets may include intellectual property, brand recognition, or proprietary technology, and they are recognized on the balance sheet if they provide future economic benefits and their value can be measured reliably. In some cases, intangible assets may be developed internally and not initially capitalized, or they may be acquired through non-traditional means.
Once identified, they should be valued, a process that can be complex due to their non-physical nature. Valuation often requires the assistance of professionals with expertise in this specialized area. After valuation, these intangible assets must be included in the company's financial statements and disclosed in the notes to the accounts to provide transparency to shareholders and potential investors.