IAS 38 – Intangible Assets

IAS 38 sets out the criteria for recognizing and measuring intangible asset. An intangible asset is an identifiable non-monetary asset without physical substance. Such an asset is identifiable when it is separable, or when it arises from contractual or other legal rights. Separable assets can be sold, transferred, licensed, etc. Examples of intangible assets include computer software, licenses, trademarks, patents, films, copyrights and import quotas.

Course Key Concepts: Intangible assets, International Financial Reporting Standard, Amortization, Research and Development, Accounting, Reporting, Assets.