![]() Intangible assets arising from insurance contracts issued by insurance companies.Expenditure on the development and extraction of minerals, oil, natural gas, and similar resources.Exploration and Evaluation Assets (see IFRS 6 Exploration for and Evaluation of Mineral Resources).Financial Assets (see IAS 32 Financial Instruments: Presentation).Scope: IAS 38 applies to all intangible assets other than: The Standard also specifies how to measure the carrying amount of intangible assets and requires certain disclosures regarding intangible assets. The Standard requires an entity to recognise an intangible asset if, and only if, certain criteria are met. The objective of IAS 38 is to prescribe the accounting treatment for intangible assets that are not dealt with specifically in another IFRS. Intangible assets meeting the relevant recognition criteria are initially measured at cost, subsequently measured at cost or using the revaluation model, and amortised on a systematic basis over their useful lives (unless the asset has an indefinite useful life, in which case it is not amortised). Intangible Assets outlines the accounting requirements for intangible assets, which are non-monetary assets, without physical substance and identifiable (either being separable or arising from contractual or other legal rights).
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