What is intangible assets as per ind as 38?

An intangible asset is an identifiable non-monetary asset without physical substance. Monetary assets are money held and assets to be received in fixed or determinable amounts of money.

What are the intangible assets examples?

Goodwill, brand recognition and intellectual property, such as patents, trademarks, and copyrights, are all intangible assets. Intangible assets exist in opposition to tangible assets, which include land, vehicles, equipment, and inventory.

What are unidentifiable intangible assets?

Unidentifiable intangible assets are those that cannot be physically separated from the company. The most commonplace unidentifiable intangible asset is goodwill. if it deems the goodwill’s value has decreased from its recorded book value. Another key unidentifiable asset is branding and reputation.

How do you calculate intangible assets?

The common way to determine the overall total value of a company’s intangible assets is to subtract the company’s book value [assets minus liabilities] from its market value. The difference is the value of the intangible assets.

How do you measure intangible assets?

Intangible assets are measured initially at cost. After initial recognition, an entity usually measures an intangible asset at cost less accumulated amortisation. It may choose to measure the asset at fair value in rare cases when fair value can be determined by reference to an active market.

How many intangible assets are there?

AS 26 Intangible Assets. Intangible asset is an non-physical non-monetary asset which is held for use in the production or supply of goods and services, or for rentals to others, etc.

Are intangible assets current or noncurrent?

Intangible assets are nonphysical assets, such as patents and copyrights. They are considered as noncurrent assets because they provide value to a company but cannot be readily converted to cash within a year.

How do you find intangible assets on a balance sheet?

When intangible assets do have an identifiable value and lifespan, they appear on a company’s balance sheet as long-term assets valued according to their purchase prices and amortization schedules.

What are intangible assets on a balance sheet?

An intangible asset is a resource controlled by an entity with no physical substance such as licenses, patents and goodwill. They are reported on the balance sheet and amortized over their useful economic life.

What is intangible assets as per AS 26?

AS 26 defines an intangible asset as an identifiable non-monetary asset without physical substance held for use in the production or supply of goods or services, for rental to others, or for administrative purposes. 2.

Is a brand name an intangible asset under HKAS 38?

In this case, the value of the brand name cannot be distinguished from the cost of developing the business as a whole. Therefore, the “Royal” brand name does not meet the criteria for an intangible asset and cannot be recognised as an intangible asset in accordance with HKAS 38.

Is the brand name of a company an intangible asset?

In this case, the value of the brand name cannot be distinguished from the cost of developing the business as a whole. Therefore, the “Royal” brand name does not meet the criteria for an intangible asset and cannot be recognised as an intangible asset in accordance with HKAS 38. Internally Generated Intangible Asset.

What is HKAS 8 accounting policies?

HKAS 8 Accounting Policies, Changes in Accounting Estimates and Errors provides a basis for selecting and applying accounting policies in the absence of explicit guidance.

How should HKAS 38 be read?

HKAS 38 should be read in the context of its objective and the Basis for Conclusions, the Preface to Hong Kong Financial Reporting Standards and the Framework for the Preparation and Presentation of Financial Statements .