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International Accounting Standard (IAS) 38
Intangible Assets

International Financial Reporting Standards (IFRS)
International Accounting Standards (IAS)
U.S. GAAP by Topic
 
International Accounting Standard (IAS) 38
  
   IAS 38
   Intangible Assets
   Issued in September 1998
   Revised in March 2004
   Recent amendment: by IFRS 3 revised in January 2008
  
   What is an intangible asset?
      (1) an identifiable
      (2) non-monetary asset
      (3) that does not have physical substance
  
   An intangible asset is required to be identifiable
      --> this requirement distinguishes an intangible asset from goodwill
  
   Initial recognition
      --> an intangible asset is initially measured at cost
  
   Measurement after recognition
      --> choose one of the following models:
      (1) cost model
      (2) revaluation model
  
   Cost model
      --> carrying amount
            = cost
            - accumulated amortisation
            - accumulated impairment losses
  
   Revaluation model
      --> carrying amount
            = revalued amount
  
   Revalued amount
            = fair value at the date of revaluation
            - subsequent accumulated amortisation
            - subsequent accumulated impairment losses
  
   An intangible asset with finite useful life
      --> amortised

   An intangible asset with indefinite useful life
      --> not amortised
  
   Amortisation methods include:
      (1) straight-line method
      (2) diminishing balance method
      (3) unit of production method
  
   An intangible asset with indefinite useful life
      --> required to test for impairment annually
  
IAS 38 Technical Notes
 

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