What Is Intangible Assets As Per Ind As 38

Now the question is intangible assets are to be recorded on the balance sheet or as an expense in profit and loss account as the costs incurred now will be matched with revenues in the future in this article you ll find the short summary of the main rules in ind as 38 intangible assets. The objective of ind as 38 is to prescribe the accounting treatment for intangible assets that are not dealt with specifically in another ind as the standard requires an entity to recognize an intangible asset if and only if certain criteria are met. Without any physical substance for example patent trade mark goodwill copyright customer details etc.

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How To Account For Intangible Assets Under Ind As 38

Ind As 38

How To Account For Intangible Assets Under Ind As 38

Ind As 38

Https Assets Kpmg Content Dam Kpmg In Pdf 2020 02 Chapter 04 Tangibles Intangibles Assets Ind As Implementation Guide Pdf

Unit 20 ind as 38.

What is intangible assets as per ind as 38. Intangible assets objective 1. Ind as 1 paragraph 31 states that a specific disclosure. This exception is applicable. Intangible assets 471 13.

Leases that are within the scope of ind as 17. Intangible asset can be categorized into two parts as intellectual property and goodwill. After initial recognition an intangible asset shall be carried at a revalued amount being fair value at the date of the revaluation less. Intangible assets as per paragraph 7aa in ind as 38 the amortisation method prescribed by ind as 38 would not apply to an entity that opts to amortise intangible assets arising from service concession arrangements in respect of toll roads in accordance with the exception given in paragraph d22 of ind as 101.

This standard requires an entity to recognise an intangible asset if and only if specified criteria are met. Ias 38 outlines the accounting requirements for intangible assets which are non monetary assets which are without physical substance and identifiable either being separable or arising from contractual or other legal rights. Share based payments 168 b2. B deferred tax assets see ind as 12 income taxes.

Deferred tax assets ind as 12 income taxes. Intangible assets meeting the relevant recognition criteria are initially measured at cost subsequently measured at cost or using the revaluation model and amortised. Exclusions from ind as 38 intangible assets held by an entity for sale in the ordinary course of business ind as 2 inventories. Earnings per share 164 b1.

After initial recognition an intangible asset shall be carried at cost less any accumulated amortisation less any accumulated impairment losses 2. D assets arising from employee benefits see ind as 19 employee. Intangible asset are asset which are. Measurement after recognition 1.

C leases that are within the scope of ind as 17 leases. Non current assets held for sale and discontinued operations 104 a11. The objective of this standard is to prescribe the accounting treatment for intangible assets that are not dealt with specifically in another standard. Introduction to ind as 38.

A intangible assets held by an entity for sale in the ordinary course of business see ind as 2 inventories and ind as 11 construction contracts. First time adoption of ind as. Ind as 38. Non monitory in nature.