See also accounting rules set out in IFRS 3 for assets acquired in a business combination that the acquirer does not intend to use. revalued amount) less any accumulated depreciation and any accumulated impairment losses. Like all assets, intangible assets are those that are expected to generate economic returns for the company in the future. Additionally, the assessment of whether an intangible asset has indefinite useful life should be reviewed at each reporting date (IAS 38.109-110). An asset is identifiable if… Under the revaluation model, an asset is carried at its fair value (i.e. See also Examples 4-9 accompanying IAS 38. Last updated: 30 August 2020. (a) intangible assets that are within the scope of another standard (examples are given in para 3 of IAS 38 and include inventory (IAS 2), assets held for sale (IFRS 5), leases (IFRS 16), goodwill (IFRS 3), and deferred acquisition costs and intangible assets arising under insurance contracts (IFRS 4/IFRS 17)); This course is part of the IFRS Certificate Program — a comprehensive, integrated curriculum that will give you the foundational training, knowledge, and practical guidance in international accounting standards necessary in today's global business environment.. The business and operations of many entities have already been seriously affected by the rapid global spread of COVID-19 and related government actions. - learn how to decide on capitalizing or not capitalizing certain items. Depreciation method Definición de un activo intangible.Criterios para el reconocimiento inicial.Un activo intangible se define como un activo identificable de carácter no monetario y sinapariencia física. Intangible assets under IFRS 3 02 Jul 2015 The last several years have seen an increased focus by companies on mergers and acquisitions as a means of stabilising their operations and increasing stakeholder value by achieving strategic expansion and cost reduction through business combinations. INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) Impairment of intangible assets and goodwill 18 May 2020. The list of intangible assets that need to be recognised separately, as a result of IFRS 3 is extensive and includes a host of things like patents, brands, trademarks and computer software. How to Account for Cryptocurrencies in line with IFRS - this article sheds some light into little guided area of cryptocurrencies.Yes, they are intangible assets - read more in the article. Summary of IAS 38 Intangible Assets; IAS 38: Intangible Asset or Expense? Unfortunately, many businesses will continue to be affected for some time. IAS 16 and IAS 38 allow a policy choice when measuring PP&E or intangible assets subsequently to their initial recognition – cost model or revaluation model (IAS 16.29; IAS 38.72).. The self-study course addresses requirements of IAS 38, Intangible Assets, including the following: According to the IFRS, intangible assets are identifiable, non-monetary assets without physical substance. Intangible Assets IAS 38 Intangible Assets IAS 38 Definition An intangible asset is an identifiable non-monetary asset without physical substance that the entity has control over identifiable The definition of an intangible asset requires an intangible asset to be identifiable to distinguish it from goodwill. 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