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Non-current assets
Intangible assets
5.1 Definition
IAS 38 Intangible Assets says that intangible assets are identifiable
non-monetary assets without physical substance.
5.2 Summary of recognition and measurement
Do not recognise if
internally generated
INTANGIBLE (unless arises from
ASSETS development
Cost =
Recognise purchase price
initially at cost
+ direct costs
Amortise Only allowed
over useful Cost model Revaluation if active
life model market exists
Amortise over
useful life
Profit or loss on
disposal in P/L
Revaluation
gains in OCI.
Revaluation
losses in P/L if
no reval surplus
Further detail can be found in Section 5 of Chapter 5 in your Study Text.
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