IAS 38: Difference between revisions
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== See also == | == See also == | ||
* [[Capitalise] | * [[Capitalise]] | ||
* [[Expense]] | * [[Expense]] | ||
* [[FRS 102]] | * [[FRS 102]] |
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.