Part 4 Chapter 2 Intangible assets (IAS 38).docx - Part 4 Chapter 2 Intangible assets(IAS 38 IAS 38 INTANGIBLE ASSETS DEFINITION An intangible asset is

Part 4 Chapter 2 Intangible assets (IAS 38).docx - Part 4...

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Part 4: Chapter 2 – Intangible assets (IAS 38) IAS 38 – I NTANGIBLE ASSETS D EFINITION An intangible asset is an identifiable non-monetary asset without physical substance. An asset is identifiable if it either - Is separable, ie is capable of being separated or divided from the entity and sold, transferred, licensed, rented or exchanged, either individually or together with a related contract, identifiable asset or liability, regardless of whether the entity intends to do so; or - Arises from contractual or other legal rights, regardless of whether those rights are transferable or separable from the entity or from other rights and obligations. R ECOGNITION An asset shall be recognised if, and only if: - It is probable that the expected future economic benefits that are attributable to the asset will flow to the entity; and - The cost of the asset can be measured reliably. A PPLICATION OF RECOGNITION PRINCIPLES I NTANGIBLE ASSETS THAT ARE SEPARATELY ACQUIRED F UTURE ECONOMIC BENEFITS Page | 1
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Part 4: Chapter 2 – Intangible assets (IAS 38) I NTANGIBLE ASSETS THAT ARE ACQUIRED AS PART OF A BUSINESS COMBINATION F UTURE ECONOMIC BENEFITS
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