IAS38_06 - IAS 38 International Accounting Standard 38...

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IAS 38 © IASCF 1631 International Accounting Standard 38 Intangible Assets This version includes amendments from IFRS 6 Exploration for and Evaluation of Mineral Resources issued on 9 December 2004.
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IAS 38 1632 © IASCF C ONTENTS paragraphs INTRODUCTION IN1–IN13 INTERNATIONAL ACCOUNTING STANDARD 38 INTANGIBLE ASSETS OBJECTIVE 1 SCOPE 2–7 DEFINITIONS 8–17 Intangible assets 9–17 Identifiability 11–12 Control 13–16 Future economic benefits 17 RECOGNITION AND MEASUREMENT 18–67 Separate acquisition 25–32 Acquisition as part of a business combination 33–43 Measuring the fair value of an intangible asset acquired in a business combination 35–41 Subsequent expenditure on an acquired in-process research and development project 42–43 Acquisition by way of a government grant 44 Exchanges of assets 45–47 Internally generated goodwill 48–50 Internally generated intangible assets 51–67 Research phase 54–56 Development phase 57–64 Cost of an internally generated intangible asset 65–67 RECOGNITION OF AN EXPENSE 68–71 Past expenses not to be recognised as an asset 71 MEASUREMENT AFTER RECOGNITION 72–87 Cost model 74 Revaluation model 75–87 USEFUL LIFE 88–96 INTANGIBLE ASSETS WITH FINITE USEFUL LIVES 97–106 Amortisation period and amortisation method 97–99 Residual value 100–103 Review of amortisation period and amortisation method 104–106 INTANGIBLE ASSETS WITH INDEFINITE USEFUL LIVES 107–110 Review of useful life assessment 109–110 RECOVERABILITY OF THE CARRYING AMOUNT—IMPAIRMENT LOSSES 111 RETIREMENTS AND DISPOSALS 112–117
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IAS 38 © IASCF 1633 DISCLOSURE 118–128 General 118–123 Intangible assets measured after recognition using the revaluation model 124–125 Research and development expenditure 126–127 Other information 128 TRANSITIONAL PROVISIONS AND EFFECTIVE DATE 129–132 Exchanges of similar assets 131 Early application 132 WITHDRAWAL OF IAS 38 (ISSUED 1998) 133 APPROVAL OF IAS 38 BY THE BOARD BASIS FOR CONCLUSIONS DISSENTING OPINION ILLUSTRATIVE EXAMPLES Assessing the useful lives of intangible assets
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IAS 38 1634 © IASCF International Accounting Standard 38 Intangible Assets (IAS 38) is set out in paragraphs 1–133. All the paragraphs have equal authority but retain the IASC format of the Standard when it was adopted by the IASB. IAS 38 should be read in the context of its objective and the Basis for Conclusions, the Preface to International Financial Reporting Standards and the Framework for the Preparation and Presentation of Financial Statements . IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors provides a basis for selecting and applying accounting policies in the absence of explicit guidance.
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IAS 38 © IASCF 1635 Introduction IN1 International Accounting Standard 38 Intangible Assets (IAS 38) replaces IAS 38 Intangible Assets (issued in 1998), and should be applied: (a) on acquisition to the accounting for intangible assets acquired in business combinations for which the agreement date is on or after 31 March 2004. (b)
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This note was uploaded on 06/12/2011 for the course ECON 801 taught by Professor Brend during the Summer '11 term at Abu Dhabi University.

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IAS38_06 - IAS 38 International Accounting Standard 38...

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