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Ias 38 Intangible Assets (1)
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Ias 38 Intangible Assets (1)

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  • 1. IAS 38
    INTANGIBLE ASSETS (Part one)
    Definition & Recognition
    1/17/2010
    1
    IAS 38 Intangible Assets Part One
  • 2. Objective
    Specific criteria for recognition of intangible assets
    Measure carrying amount of intangible assets
    Specific disclosures about intangible assets
    1/17/2010
    2
    IAS 38 Intangible Assets Part One
  • 3. Scope
    Intangible assets except
    Within the scope of another standard
    Financial assets IAS 39
    Exploration and evaluation assets of mineral resources IFRS 6
    Expenditure on the development and extraction of minerals, oil, natural gas and similar non-regenerative resources
    1/17/2010
    3
    IAS 38 Intangible Assets Part One
  • 4. Examples of intangible assets excluded from IAS 38
    Intangibles held for sale in the ordinary course of business
    Inventories IAS 2
    Construction contracts IAS 11
    Deferred tax assets IAS12
    Leases IAS 17
    Employee benefits IAS19
    Financial assets IAS 39, IAS 27, IAS 28, IAS 31
    Goodwill IFRS 3
    Insurance contracts IFRS 4
    Intangible assets in discontinued operations IFRS 5
    Activities or transactions are so specialised that another accounting treatment is appropriate (para 6)
    1/17/2010
    4
    IAS 38 Intangible Assets Part One
  • 5. Software
    Can be IAS 16 property plant and equipment or intangible asset
    Elements of tangible (disc) and intangible (software) assets
    When software is not an integral part of the related hardware, treat as intangible asset.
    Computer controlled machine
    Operating system of PC
    1/17/2010
    5
    IAS 38 Intangible Assets Part One
  • 6. Examples of intangibles included in IAS 38
    Advertising expenditure
    Start-up costs
    Research and development
    Intangible assets under finance lease
    Rights under licensing agreements (films, plays, manuscripts, patents, copyrights)
    1/17/2010
    6
    IAS 38 Intangible Assets Part One
  • 7. Definitions
    1/17/2010
    7
    IAS 38 Intangible Assets Part One
  • 8. Definitions
    1/17/2010
    8
    IAS 38 Intangible Assets Part One
  • 9. Definitions
    1/17/2010
    9
    IAS 38 Intangible Assets Part One
  • 10. Definitions
    1/17/2010
    10
    IAS 38 Intangible Assets Part One
  • 11. Definitions
    1/17/2010
    11
    IAS 38 Intangible Assets Part One
  • 12. Definitions
    1/17/2010
    12
    IAS 38 Intangible Assets Part One
  • 13. Intangible assets
    1/17/2010
    13
    IAS 38 Intangible Assets Part One
  • 14. Recognition of intangible asset
    Must meet definition
    Identifiable
    Control over a resource
    Future economic benefits
    If it does not meet definition
    Recognise expenditure as incurred
    If acquired in a business combination
    Forms part of goodwill at acquisition date
    1/17/2010
    14
    IAS 38 Intangible Assets Part One
  • 15. Identifiable Intangible Asset
    Separable
    From entity
    Can be sold, transferred, licensed, exchanged, rented
    Individually or related contract, asset & liability
    Arises from contractual or legal rights
    The rights do not have to be separable
    CONTINUED IN PART 2…
    1/17/2010
    15
    IAS 38 Intangible Assets Part One

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