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Is to prescribe the accounting treatment for intangible assets that are not dealt with specifically in another Ind AS. Computer Based Exam For IFRS In December 2020 . The standard also specifies how to measure the carrying amount of intangible assets and requires certain disclosures regarding intangible assets. Ind AS 8 Accounting Policies, Changes in Accounting Estimates and Errors: 14. 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). substance; 5: tangible and intangible elements contained in same 8Bc°7ûZ†o#�0½¥B0,¥›©°Ã�‚DHb¾áÀë&1˜| °2UĞvwÉ@¯µ�¶Ñ¥–'TVÂ[úÑ†å® ¬ wÍÔ�œF! However, the standard mandates an entity to identify and record an intangible asset if and only if certain conditions are met. The standard requires an entity to recognize an intangible asset, if and only if, certain criteria are met. It measures various factors which affects our brand value example company’s reputation, strategies, employee relation and customer base. The standard also elaborates how to ascertain the carrying value of intangible assets and requires specified disclosures in relation to intangible … Please provide summary on Ind AS 38 - Intangible Assets Some intangible assets may be contained in or on a physical substance such as a compact disc (in the case of computer software), legal documentation (in the case of a licence or patent) or film. Accounts Category: INDAS. In this regard, the Ind AS 38 prescribes the principles for measurement, valuation, recognition and the accounting treatment for intangible assets that are not dealt with specifically in another Ind AS. (adsbygoogle = window.adsbygoogle || []).push({}); The increase in carrying amount to the extent of previous revaluation decrease shall be recognized in Profit & Loss A/c and the balance amount of revaluation to Other Comprehensive Income statement. Each entry expands to a submenu containing a structure of links disposed in one or more columns. Two types of life have been mentioned in the standard: Finite Life: A limited period of benefit to the entity from the asset. Indefinite Life: No foreseeable limit to the period over which the asset is expected to generate net cash inflows for the entity. E-learning Module on Ind AS 38. when no future economic benefits are expected from its use or disposal. Ind-AS 38 requires an entity to recognize an intangible asset if and only if: It is probable that the future economic benefits that are attributable to the asset will flow to the entity; and; The cost of the asset can be measured reliably. This Standard requires an entity to recognise an intangible asset if, and only if, specified criteria are met. Ind AS 116 Leases -IFRS 16 Leases. This includes the types, laws and regulations, and emergency use of INDs. Following are the list of Intangible Assets which are out of scope of Indian AS 38:- Updated on 09 April 2020. 1. Ind AS 101 is to be applied by the entity in preparation of its first Ind AS financial statements and each interim report, if any, that it presents in accordance with Ind AS 34, Interim Financial Reporting for part of the period covered by its first Ind AS financial statements. GOODS IN TRANSIT & CASH IN TRANSIT – IFR 15. Goodwill Calculation – Pooling of Interest or Purchased Goodwill – IndAS 103 – DipIFR. Indian Accounting Standard 38 Intangible Assets Contents Paragraphs OBJECTIVE 1 SCOPE 2–7 DEFINITIONS 8–17 Intangible assets 9–17 Identifiability 11–12 Control 13–16 Future economic benefits 17 RECOGNITION AND MEASUREMENT 18–67 Separate acquisition 25–32 Acquisition as part of a business combination 33–43 Measuring … There is no major difference between INDAS 38 AND IAS 38.So the following details relate to both INDAS 38 and IAS 38. The objective of this Standard is to prescribe the accounting treatment for intangible assets that are not dealt with specifically in another Standard. Goodwill acquired under business combination. In case of finite useful lives, intangible assets should be amortized over their useful life and test for impairment should be done, when there is an indication. Is based on the assumption that the useful life of an intangible asset is always finite, and includes a rebuttable presumption that the useful life cannot exceed ten years from the date the asset … ŠnÊ°M Õ'9sY~!œ0j\ê~µ¡&ñŸø¦œò_¶úô ‚hqP�U¯ªWçVAE÷ëe ¢„aTуú¡� The Standard requires an entity to recognise an intangible asset if, and only if, certain criteria are met. Ind AS 38 prescribes the accounting treatment for intangible assets that are not dealt with specifically in another Ind AS. Effects of changes in foreign exchange rates 55 Ind AS 21, The Effects of Changes in Foreign Exchange Rates 9. Refer our blog: Accounting Standard concept with explanation. 1 . Auditing & Assurance - (Day 2 Video) - Commonly found... Startup Trilogy: Compliance, Management & Fundraising... Startup Trilogy: … INDAS 38 specifies that internally generally goodwill, should not be recorded as assets This Standard shall be applied in accounting for intangible assets, except: (a) intangible assets that are within the scope of another Standard; Paragraphs in bold type indicate the main principles.) Ind AS 2 Inventories: 12. A financial instrument is defined as any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Professional Course, Online Excel Course Objective . Leases 49 Ind AS 17, Leases 8. The objective of Ind AS 38 is to prescribe the accounting treatment for intangible assets that are not dealt with specifically in another IFRS. Indian Accounting Standard (Ind AS) 101 First-time Adoption of Indian Accounting Standards: Indian Accounting Standard (Ind AS) 102 Share-based Payment: Indian Accounting Standard (Ind AS) 103 Business Combinations: Indian Accounting Standard (Ind AS) 104 Insurance Contracts: Indian Accounting Standard (Ind AS) 105 Non-current Assets Held for Sale and Discontinued Operations: … Ind AS 37 – Provisions, Contingent Liabilities and ContingentAssets; 2. It sets out the criteria for recognising and measuring intangible assets and requires disclosures about them. Answer: Under Ind AS 38 - Intangible Assets - intangible assets can only be recognised if they are identifiable and have a cost which can be reliably measured. CA Diwakar Jha  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. Ind AS 7 Statement of Cash Flows: 13. 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