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Introduction to IAS 38 Intangible Assets (IA)
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Important introductory notes for intangible assets in financial accounting, setting a well rounded foundation for understanding the topic with worked example questions.

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  • May 31, 2024
  • 3
  • 2023/2024
  • Lecture notes
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1. Introduction to IAS 38 Intangible Assets (IA)
🧠 Remember that to meet the definition of an asset, an intangible must be controlled by the
entity.

What are Intangible Assets?
Identifiable non-monetary assets without physical substance.

1. Patents/Trademarks
2. Brand Name (can’t be separated to the business as a whole)
3. Brand Loyalty
4. Good Will (only when you acquire a business)

Initial Measurement?
1. Cost and Employees
2. Legal and Professional Frees
3. Cost of Testing

 Can never revalue intangible assets. Why?

Never an active market of homogenous (identical) products

Amortisation: Depreciation
 If Asset has a finite useful life:
o Amortise over Useful Economic Life (UEL)
 If asset has an indefinite life:
o Should not be amortised but Annually reviewed for Impairment.


Impairment
All impairment goes straight to P/L as an expense

2. Research & Development expenditure
Research Costs: (P/L Expenditure)

 Any activities that obtain new knowledge
o Work out the best way to make something
o Finding alternatives for materials, devices, products, process, systems or
services
o Formulation, design, evaluation and final selection of possible alternatives

❗ Advertising, training, marketing, relocation and reorganisation costs should always be
expensed.

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