Summary

Summary IAS 38 Intangible assets

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Course
BCom Chartered Accountancy (ACCC272)

Institution
North-West University (NWU)

Book
Gripping GAAP

A summary of the definition, elements of the definition, initial and subsequent measurement (amortization and impairment), recognition and disclosure of investment property in terms of IAS 38

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Summarized whole book? No
Which chapters are summarized? Chapter 9
Uploaded on January 31, 2025
Number of pages 4
Written in 2024/2025
Type Summary

accounting

Book Title:Gripping GAAP

Author(s):Cathrynne Sowden-Service

Edition:2020
ISBN:9780639003832
Edition:Unknown

Institution
North-West University (NWU)
Course
BCom Chartered Accountancy (ACCC272)

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Accounting semester 1

$ 24.03 $ 21.84 8 items

1. Summary - The conceptual framework for financial reporting
2. Summary - Ias 2 inventories
3. Summary - Ias 23 borrowing cost
4. Summary - Ias 16 property, plant and equipment
5. Summary - Ias 38 intangible assets
6. Summary - Ias 40 investment properties
7. Summary - Ias 36 impairment of assets
8. Summary - Ifrs 16 leases
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Scope of IAS 38
Applies to all intangible assets except those:
 Covered in another IFRS
 Involving certain mining rights
E.g. intangible assets that:

Definition of an intangible asset
Identiﬁable  Can be separated from an entity (sold, transferred, licensed, rented,
exchanged individually or together with related contracts, asset or liability,
regardless of intention) OR
 Arises from contractual or legal rights regardless of transferability or
separability
Non-monetary Not money or another asset receivable in a ﬁxed or determinable amount of
money
Asset  Resource: something that can be used to help to support a business
 Control: ability to restrict access to economic beneﬁts; power to obtain
future economic beneﬁts (can prove with legally enforceable rights)
 Past events: the event that causes the control (be speciﬁc - when?)
 Expected future economic beneﬁt: (give example of what the expected
beneﬁt is)
Without physical  Can’t see or touch
substance  Physical and non-physical use
 Determine which is more signiﬁcant & use professional judgement to
decide whether to apply IAS 16 or IAS 38

Initial measurement
Obtain through:
 Cash purchase (separate)
 Exchange for another asset
 Business combination
CASH
Separately acquired intangible assets’ cost includes:
1. Purchase price
 Deduct: discounts, rebates, refundable taxes, interest included
 Add: import duties, non-refundable taxes
2. Directly attributable costs
 Must be necessary to bring the asset to current condition that enables it to be used as
intended by management (not including installation cost)

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