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CHAPTER 11 PAS 38 - INTANGIBLE ASSETS, MENGER SIMON PINO - Coggle Diagram
CHAPTER 11 PAS 38 - INTANGIBLE ASSETS
Concepts
Intangible Asset
: An identifiable non-monetary asset without physical substance. It must be separable or arise from contractual or legal rights.
Separable
: Capable of being separated or divided from the entity and sold, transferred, licensed, rented, or exchanged.
Identifiable
: Separable or arises from contractual or legal rights.
Initial Measurement:
Acquired Separately
: Measured at cost, including transaction costs.
Acquired in a Business Combination
: Measured at fair value.
Internally Generated
: Measured at cost, including directly attributable costs.
Amortization:
-Intangible assets with finite useful lives are amortized systematically over their useful life.
-Intangible assets with indefinite useful lives are not amortized but are tested for impairment annually.
Recognition
Control
: The entity must control the future economic benefits.
Future Economic Benefits
: The asset must be capable of generating future economic benefits.
Identifiability
: The asset must be identifiable.
Subsequent Measurement
Cost Model:
Measured at cost less accumulated amortization and impairment losses.
Revaluation Model
: Measured at fair value, with changes recognized in other comprehensive income.
Impairment:
Intangible assets are tested for impairment when there is an indication that the asset may be impaired. The recoverable amount is the higher of fair value less costs to sell and value in use
MENGER SIMON PINO
GROUP 7
9:00 - 10:30
BSA 1