1) It must be a non-monetary asset 2) It must result in a flow of economic benefit to the entity 3) its costs should be able to be measured reliably. IAS 38 prescribes the recognition, measurement and disclosures applicable to intangible assets which are not dealt with specifically in another standard. Contractual customer relationships are always recognised separately from goodwill because they meet the contractual-legal criterion. This chapter discusses the recognition and measurement of IAS 38 intangible assets. It replaced IAS 9 Research and Development Costs (issued 1993, replacing an earlier version issued in July 1978). According to IAS 38, Intangible Assets are Non-Monetary Assets without physical substance that are separable from the entity or arise as a result of some contractual or legal rights. SCOPE IAS 38 applies to all intangible assets, except: • intangible assets within the scope of another standard (e.g. Under IAS 38, Intangible Assets are property that does not have a physical form but meets the three definition criteria: identifiable, controllable property that provides future economic benefits. Australian-specific paragraphs (which are not included in IAS 38) are identified with the prefix “Aus” or “RDR”. IAS 38 Intangible Assets Overview When we have an asset that is controlled by the entity, future economic benefits are expected to be derived from the asset, there is lack of physical substance but the asset is identifiable, we speak about intangible assets as defined by the IAS 38 standard. IAS 38. In reality, the origins of IAS 38 can be traced back to the superseded IAS 9, Research and Development Costs, which was first issued in 1978 by the IASC. Retirements and disposals of intangible assets are covered in paragraphs IAS 38.112-117. we introduce what is intangible assets and their attributes, recognition criteria and measurement methods. IAS 38 addresses intangible assets acquired by way of a government grant. IAS 38 full text Overview. This chapter examines the intangible assets (IAS 38) standard that addresses accounting for “intangible assets” defined in International Accounting Standard (IAS 38) other than those intangible assets that are covered by other International Financial Reporting Standards (IFRS). IAS 38 covers the definition and recognition criteria for Intangible Assets. An intangible asset can be clearly distinguished from goodwill if the asset is separable. IAS 38 Intangible Assets Objective The objective of IAS 38 is to prescribe the accounting treatment for intangible assets that are not dealt with specifically in another IFRS. When we have an asset that is controlled by the entity, future economic benefits are expected to be derived from the asset, there is lack of physical substance but the asset is identifiable, we speak about intangible assets as defined by the IAS 38 standard. View and Download PowerPoint Presentations on Ias 38 PPT. IAS 38 provides general guidelines as to how intangible assets should be amortized: 1. Limited amendments were made in 1998. It requires an entity to recognize an intangible asset if, and only if, specified criteria are met. intangible assets held by … IPSAS ® 31. IAS 38 in the digital world Examples include: patents, licenses, & … IAS 38 Intangible Assets 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). Intangible PowerPoint PPT Presentations. 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