Ias 38 Intangible Assets

IAS 38 full text Overview. Research and development edit Research and development kno 1 wn also as RD is considered to be an intangible asset about 16 percent of all intangible assets in the US 6 even though most countries treat RD as current expenses for.

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The most common example of such an intangible is broadcasting rights.

. An intangible asset with an indefinite useful life is not amortised. Instead it should be tested for impairment at least annually under IAS 36 IAS 38107-108. IAS 37 Provisions contingent liabilities and contingent assets 23.

2 IAS 38 Intangible Assets states that to meet the definition of an intangible asset an item lacks physical substance is identifiable non-monetary is controlled by the entity expected to provide future. Recognition and measurement 25. If broadcasting rights can be renewed easily then they can be reported as an intangible asset with an indefinite life.

Intangible assets meeting the relevant recognition criteria are initially measured at cost subsequently measured at cost or using the revaluation model. IAS 32 Financial instruments. Property Plant and Equipment.

To sum up each intangible asset has 3 main characteristics. IAS 40 Investment property 26. IAS 34 Interim financial reporting 21.

Basically when youre dealing with property plant and equipment in line with IAS 16 or intangible assets in line with IAS 38 then you need to look to IAS 36 too. IAS 36 Impairment of assets 22. And IAS 38 expands this definition for intangible assets by specifying that on top of basic definition an intangible asset is an identifiable non-monetary asset without physical substance.

IAS 38 contains examples of intangible assets including. Intangible assets meeting the relevant recognition criteria are initially measured at cost subsequently measured at cost or using the revaluation. These criteria apply to all intangible assets whether acquired separately acquired in a business combination or generated internally.

Amortization Methods General Guidelines. IAS 38 outlines the accounting requirements for intangible assets which are non-monetary assets which are without physical substance and identifiable either being separable or arising from contractual or other legal rights. Amortization is recorded in the financial statements of an entity as a reduction in the carrying value of the intangible asset in the balance sheet and as an expense in the income statement.

IAS 38 Intangible assets 24. What is an impairment of assets. Requirements for amortisation period and amortisation method are set out in paragraphs IAS 3897-99 and generally are the same as in IAS 16.

IAS 33 Earnings per share 20. The following scheme shows to what assets IAS 36 does and does not apply. An asset is impaired when its carrying amount exceeds its recoverable.

Additionally the assessment of whether an. IAS 38 provides general guidelines as to how intangible assets should be amortized. Intangible assets IAS 38 30 Property plant and equipment IAS 16 31 Investment property IAS 40 32 Impairment of assets IAS 36 33 Lease accounting IAS 17 IFRS 16 34 Inventories IAS 2 35 Provisions and contingencies IAS 37 36 Events after the reporting period and financial commitments IAS 10 38.

IAS 39 Financial instruments. IAS 38 outlines the accounting requirements for intangible assets which are non-monetary assets which are without physical substance and identifiable either being separable or arising from contractual or other legal rights. It requires an entity to recognize an intangible asset upon fulfillment of certain recognition criteria.

Computer software copyright and patents. And IAS 38. Under International Financial Reporting Standards guidance on accounting for the amortization of intangible assets is contained in IAS 38.

Assets that are carried at revalued amount ie fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses in accordance with other IFRSs such as the revaluation model in IAS 16. IAS 38 Intangible assets gives guidance on the accounting treatment for intangible assets that are not dealt with specifically in another standard.

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Intangible Assets Accounting Theory Intangible Assets Chapter 14 Lecture Theories Chapter

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