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INTANGIBLE ASSETS

Intangible assets

• The components of the definition of an intangible asset

are:

• identifiable,

• non-monetary asset,

• without physical substance,
• controlled as a result of past events, and

• expected inflow of future economic benefits. (IAS 38.08)

• If an item covered by this standard does not meet the

definition of an intangible asset, expenditure to acquire
it or generate it internally is recognised as an expense

in the statement of comprehensive income when it is

incurred.

• However, if the item is acquired in a business combination, it

forms part of the goodwill recognised at the date of
acquisition. (IAS 38.10)

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