Technical feasibility of completion of 1. Menu. IFRIC 32 applies IAS 38 to website costs. This Standard requires an entity to recognise an intangible asset if, and only if, specified criteria are met. Accordingly, this guide should not be used as a substitute for referring to the standards and other relevant interpretative guidance. IAS 38 Intangible Assets Also refer: SIC-32 Intangible Assets – Web Site Costs Effective Date Periods beginning on or after 31 March 2004 Specific quantitative disclosure requirements: Measure acquired asset at its fair valueexpected future If not possible, at book value of asset given up. IAS 38 Intangible Assets IAS 38 Intangible Assets 2017 - 05 1 Objective The objective of this Standard is to prescribe the accounting treatment for intangible assets that are not dealt with specifically in another Standard. Illustrative IFRS consolidated financial statements - Investment property 2020. The standard provides a single lessee accounting model, requiring lessees to recognise assets and liabilities for all leases unless the lease term is 12 months or less or the underlying asset has a low value. IAS 38 Intangible Assets The objective of this Standard is to prescribe the accounting treatment for intangible assets that are not dealt with specifically in another Standard. Source: IFRS - IAS 36 Illustrative Examples Impairment of Assets – Illustrative examples Example 1 Identification of cash-generating units A - Retail store chain Background Store X belongs to retail store chain M. X makes all its retail purchases through M’s purchasing centre. More Less. by Silvia . IAS 38 has illustrative examples. 1. Disclaimer: To the extent permitted by applicable law, the Board and the IFRS Foundation (Foundation) expressly disclaim all liability howsoever arising from this publication or any translation thereof For-profit Prescribes the accounting treatment for intangible assets that are not dealt with specifically in another standard. IAS 38.SIC 32 . Presentation of Items of Other Comprehensive Income (Amendments to IAS 1 . For example, this Standard does not apply to: (a) Intangible assets held by the entity for sale in the ordinary course of its activities (see IAS 2 Inventories and IAS 11 Construction Contracts). IAS 38: Intangible Asset or Expense? 10-33) Government grants (paras. (b) Deferred tax assets (see IAS 12 Income Taxes). The Illustrative Examples accompanying this Standard illustrate the determination of useful life for different intangible assets, and the subsequent accounting for those assets based on the useful life determinations. Cost = FV @acquisition date. See IAS 38 for retirements and disposals (similar to IAS 16 derecognition for PPE). See IAS 36 for impairment testing. In addition, IFRS and its interpretation change over time. approval by the board of ias 38 issued in march 2004 approval by the board of clarification of acceptable methods of depreciation and amortisation (amendments to ias 16 and ias 38) issued in may 2014 for the accompanying guidance listed below, see part b of this edition illustrative examples assessing the useful lives of intangible assets IAS 41: Agriculture. IFRS Manual of Accounting . IFRS 16 specifies how an IFRS reporter will recognise, measure, present and disclose leases. Presentation of Financial Statements) 231 V Example disclosures for entities that early adopt IFRS 9 . SIC 32 applies IAS 38 to website costs. Chapter 7 – Illustrative example of IAS 29 A. USEFUL LIFE Recognition criteria always considered met. ... Financial liabilities and equity (IFRS 9, IAS 32) Chapters by name (Accounting to Fair value) Accounting policies, accounting estimates and errors (IAS 8) Consolidated financial statements (IFRS 10) (c) Leases to be included in the scope of IAS 17 Leases. Historical Financial Statements A.IV Historical Statement of Charges in Equity 38 PricewaterhouseCoopers Additional (all amounts expressed in HCU) historical Share Revaluation Translation Retained Total information Capital Reserve Reserve Earnings IAS 34 requirements are illustrated in our Guide to condensed interim financial statements – Illustrative disclosures . Import quotas. However, the term ‘when incurred’ has been interpreted in different ways, leading to diversity in practice. The company paid significant amount of cash for the list of customers of telecommunications. Recently I had an argument with auditors of one company related to the customer list they bought. 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