IAS 38: Difference between revisions
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imported>Doug Williamson (Add criteria. Source: ACCA webpage https://www.accaglobal.com/ca/en/student/exam-support-resources/fundamentals-exams-study-resources/f7/technical-articles/rd.html) |
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If any of these criteria is not met, then the expenditure is a cost, and not an asset. | If any of these criteria is '''not''' met, then the expenditure is a cost, and not an asset. | ||
Revision as of 22:53, 24 June 2021
International Accounting Standard 38, dealing with intangible assets.
Issued by the International Accounting Standards Board.
The criteria for recognising an asset under IAS 38 include all of:
- The technical feasibility of completing the intangible asset (so that it will be available for use or sale); and
- Intention to complete and use or sell the asset; and
- Ability to use or sell the asset; and
- Existence of a market or, if to be used internally, the usefulness of the asset; and
- Availability of adequate technical, financial, and other resources to complete the asset.
If any of these criteria is not met, then the expenditure is a cost, and not an asset.
