IAS 38 provides guidance on accounting for intangible assets. An intangible asset must be identifiable and controlled by the entity with probable future economic benefits to be recognized initially at cost. Expenditure on research must be expensed while development costs may be recognized as an asset if certain criteria are met. Intangible assets are subsequently measured using either the cost or revaluation model and are reviewed annually for impairment and changes in useful life. Disclosures include distinguishing between internally generated and other intangible assets, amortization methods used, and reconciliation of carrying amounts.
Assurance and advisory firm Nkonki will be hosting a roundtable session exclusively for CFOs with Darrel Scott, Board Member of the IFRS Foundation. Scott, who is in Johannesburg for the occasion, will provide global and industry insights on the newly-released IFRS 16, issued on 13 January 2016, to CFOs from many of South Africaโs leading companies.
โThe session is designed to share insights and deliberate on how this new accounting standard will impact processes and financial reporting, and how industries across the globe will deal with this change,โ says Sindi Zilwa, CEO of Nkonki. It will also provide an update on accounting developments in the medium term.
The International Accounting Standards Board (IASB) issued IFRS 16 Leases in January 2016. IFRS 16 sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract, namely, the customer (โlesseeโ) and the supplier (โlessorโ). IFRS 16 is effective from 1 January 2019. IFRS 16 completes the IASBโs project to improve the financial reporting of leases. IFRS 16 replaces the previous leases Standard, IAS 17 Leases, and related Interpretations.
Intangible Assets under IAS 38 worry people more than it needs to. Here's a straightforward presentation which covers the essentials you should know when studying IAS 38 for work or exams.
Assurance and advisory firm Nkonki will be hosting a roundtable session exclusively for CFOs with Darrel Scott, Board Member of the IFRS Foundation. Scott, who is in Johannesburg for the occasion, will provide global and industry insights on the newly-released IFRS 16, issued on 13 January 2016, to CFOs from many of South Africaโs leading companies.
โThe session is designed to share insights and deliberate on how this new accounting standard will impact processes and financial reporting, and how industries across the globe will deal with this change,โ says Sindi Zilwa, CEO of Nkonki. It will also provide an update on accounting developments in the medium term.
The International Accounting Standards Board (IASB) issued IFRS 16 Leases in January 2016. IFRS 16 sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract, namely, the customer (โlesseeโ) and the supplier (โlessorโ). IFRS 16 is effective from 1 January 2019. IFRS 16 completes the IASBโs project to improve the financial reporting of leases. IFRS 16 replaces the previous leases Standard, IAS 17 Leases, and related Interpretations.
Intangible Assets under IAS 38 worry people more than it needs to. Here's a straightforward presentation which covers the essentials you should know when studying IAS 38 for work or exams.
The presentation is an effort towards better understanding of the IAS-37, through the use of proper headings, bullets, key points and graphics where needed.
International Financial Reporting Standards, commonly called IFRS, are accounting standards issued by the IFRS Foundation and the International Accounting Standards Board
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"๐๐ฏ๐๐ซ๐ฒ ๐๐ฏ๐๐ง๐ญ ๐ข๐ฌ ๐ ๐ฌ๐ญ๐จ๐ซ๐ฒ, ๐ ๐ฌ๐ฉ๐๐๐ข๐๐ฅ ๐ฃ๐จ๐ฎ๐ซ๐ง๐๐ฒ. ๐๐ ๐๐ฅ๐ฐ๐๐ฒ๐ฌ ๐๐๐ฅ๐ข๐๐ฏ๐ ๐ญ๐ก๐๐ญ ๐ฌ๐ก๐จ๐ซ๐ญ๐ฅ๐ฒ ๐ฒ๐จ๐ฎ ๐ฐ๐ข๐ฅ๐ฅ ๐๐ ๐ ๐ฉ๐๐ซ๐ญ ๐จ๐ ๐จ๐ฎ๐ซ ๐ฌ๐ญ๐จ๐ซ๐ข๐๐ฌ."
Improving profitability for small businessBen Wann
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In this comprehensive presentation, we will explore strategies and practical tips for enhancing profitability in small businesses. Tailored to meet the unique challenges faced by small enterprises, this session covers various aspects that directly impact the bottom line. Attendees will learn how to optimize operational efficiency, manage expenses, and increase revenue through innovative marketing and customer engagement techniques.
Implicitly or explicitly all competing businesses employ a strategy to select a mix
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At its core, generative artificial intelligence relies on the concept of generative models, which serve as engines that churn out entirely new data resembling their training data. It is like a sculptor who has studied so many forms found in nature and then uses this knowledge to create sculptures from his imagination that have never been seen before anywhere else. If taken to cyberspace, gans work almost the same way.
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Vat Registration is a legal obligation for businesses meeting the threshold requirement, helping companies avoid fines and ramifications. Contact now!
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A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
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HR recruiter services offer top talents to companies according to their specific needs. They handle all recruitment tasks from job posting to onboarding and help companies concentrate on their business growth. With their expertise and years of experience, they streamline the hiring process and save time and resources for the company.
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Ias 38 Intangible Assets (2)
1. IAS 38 Intangible Assets (part two) Accounting treatment and disclosure 1/17/2010 1 IAS 38 Intangible Asset Part Two
2. Recognition and measurement Recognise if: Probable expected future economic benefits attributable to the asset will flow to the entity Cost can be measured reliably Assess the probability Using reasonable and supportable assumptions Represent managementโs best estimate of economic conditions over useful life of asset 1/17/2010 2 IAS 38 Intangible Asset Part Two
3. Subsequent expenditure on research and development project Research phase: Treat as expense when incurred Development phase Treat as intangible asset if the entity can demonstrate all of the following: Technical feasibility Intention to complete Ability to use or sell it How economic benefits will be generated Available resources to complete, use or sell Able to measure reliably expenditure during development Internally generated brands, mastheads, publishing titles, customer lists etc are expensed as incurred 1/17/2010 3 IAS 38 Intangible Asset Part Two
4. Recognition of an expense Recognise expenditure on intangible item as expense unless Intangible asset meets recognition criteria Acquired in a business combination as part of goodwill Once recognised as expense, it cannot be recognised as an asset at a later date 1/17/2010 4 IAS 38 Intangible Asset Part Two
6. Revaluation Fair value is determined by an active market If no active market, use cost model If revalued but no longer in active market, use last revaluation by reference to active market & test for impairment Revaluations made regularly Carrying amount does not differ significantly from fair value at balance sheet date Credit increase to revaluation surplus in equity unless it reverses a decrease previously recognised as expense Debit decrease as expense after any credit balance in equity has been reversed 1/17/2010 6 IAS 38 Intangible Asset Part Two
7. Useful life Decide if useful life is finite or indefinite If definite, how long will it generate net cash inflows? No forseeable limit to period of net cash inflows = indefinite useful life Does not exceed period of contractual or legal rights but can be shorter Include renewal periods if evidence supports renewal without significant cost 1/17/2010 7 IAS 38 Intangible Asset Part Two
8. Intangible assets with finite useful life Allocate depreciable amount on a systematic basis over its useful life Begin amortisation when available for use Cease when asset is classified as held for sale or derecognised Amortisation method to reflect pattern of economic consumption Use straight line method if no other method is appropriate Recognise amortisation in profit or loss unless another standard permits adding it to the carrying amount of another asset 1/17/2010 8 IAS 38 Intangible Asset Part Two
9. Residual Value Assume residual value of asset with finite life is zero unless : A third party has committed to buy it at the end of its useful life There is an active market for the asset Residual value can be determined by reference to active market Probable that the active market will exist at the end of the useful life 1/17/2010 9 IAS 38 Intangible Asset Part Two
10. Review of amortisation period and amortisation method Review at each financial year end Change amortisation method if useful life is different from previous period Change in expected pattern of consumption of future economic benefits Treat as change in accounting estimate per IAS8 1/17/2010 10 IAS 38 Intangible Asset Part Two
11. Intangible assets with indefinite useful lives Do not amortise Review at each period end Treat change from indefinite to finite life as change in accounting estimate according to IAS8 1/17/2010 11 IAS 38 Intangible Asset Part Two
12.
13. Future economic benefits are no longer expectedNet disposal proceeds โ carrying amount of asset = gain or loss Recognise in profit or loss when asset derecognised Do not classify gains as revenue 1/17/2010 12 IAS 38 Intangible Asset Part Two
14. Disclosure Distinguish between internally generated assets and other intangible assets Indefinite or finite useful life Amortisation rates used Amortisation methods used Gross carrying amount Accumulated amortisation and impairment loss aggregate at beginning and end of period Line item of income statement in which amortisation is included 1/17/2010 13 IAS 38 Intangible Asset Part Two
15. Disclosure Reconciliation of carrying amount at beginning and end of period Additions (internally developed, separately acquired and acquired through business combinations) Classified as held for sale Included in disposal group classified as held for sale Increases or decreases from revaluation Increases or decreases from impairment losses in equity Impairment loss in profit or loss Impairment loss reversed in profit or loss Amortisation recognised in the period Net exchange differences arising on translation Other changes in carrying amount 1/17/2010 14 IAS 38 Intangible Asset Part Two
16. Disclosure Intangible asset with indefinite useful life Carrying amount Reason for indefinite useful life assessment Significant factors assessed Intangible asset material to financial statements Description, carrying amount and amortisation and remaining amortisation period Intangible assets acquired with government grant at fair value Initial fair value Carrying amount Cost or revaluation model used Intangible assets with restricted title Carrying amount Intangible assets pledged as security for liabilities Carrying amount Contractual commitments for acquisition of intangible assets 1/17/2010 15 IAS 38 Intangible Asset Part Two
17. Disclosure Research and development costs recognised as expense during the period Revalued intangible assets Class of intangible asset Effective date of revaluation Carrying amount Carrying amount when measured using cost model Revaluation surplus At beginning and end of period Change during the period Restriction on distribution of balance to shareholders Fair value estimates Methods and significant assumptions to estimate fair value 1/17/2010 16 IAS 38 Intangible Asset Part Two
18. Transitional provisions Apply prospectively from same date as applying IFRS3 retrospectively Do not adjust carrying amounts recognised at that date Reassess useful lives at that date If changed, treat as change in accounting estimate IAS 8 Apply from 31 March 2004 Agreement date of business combination Prospectively to other intangible assets Apply early together with IFRS 3 and IAS 36 1/17/2010 17 IAS 38 Intangible Asset Part Two
19. Summary Intangible assets that give control over an identifiable resource with future economic benefits are recognised at cost or fair value Research is not an intangible assets and is expensed Intangible assets are measured using either the cost or revaluation model Intangible assets are reviewed annually for impairment and changes in useful economic life Intangible assets with indefinite useful lives are not amortised Internally generated intangible assets are expensed as incurred 1/17/2010 18 IAS 38 Intangible Asset Part Two