IAS 38: Difference between revisions
From ACT Wiki
Jump to navigationJump to search
imported>Doug Williamson (Mend link.) |
imported>Doug Williamson (Add link to IAS Plus) |
||
| Line 25: | Line 25: | ||
* [[Recognition]] | * [[Recognition]] | ||
* [[Research & development]] | * [[Research & development]] | ||
== External link == | |||
*[https://www.iasplus.com/en/standards/ias/ias38 IAS 38 - IAS Plus] | |||
[[Category:Accounting,_tax_and_regulation]] | [[Category:Accounting,_tax_and_regulation]] | ||
[[Category:Compliance_and_audit]] | [[Category:Compliance_and_audit]] | ||
Revision as of 15:30, 3 March 2022
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.
See also
- Capitalise
- Expense
- FRS 102
- IAS 16
- Intangible assets
- International Financial Reporting Standards
- Recognition
- Research & development
