Does PAS 38 apply to all intangible assets?

PAS 38 applies to all intangible assets except those that are specifically dealt with under other standards. PAS 38 does not apply to goodwill acquired in a business combination (PFRS 3), intangible assets held as inventory (PAS 2), and intangible assets classified as held for sale (PFRS 5).

How are intangible assets measured ing to PAS 38?

The intangible asset is expressed as a measure of revenue; and. it can be demonstrated that revenue and the consumption of economic benefits of the intangible asset are highly correlated. IAS 38.98A

How do you account for intangible assets under IAS 38?

Cost of intangible asset Cost of a separately acquired intangible asset comprises (IAS 38.27): Its purchase price, plus import duties and non-refundable taxes, less discounts and rebates, Any directly attributable costs of preparing the asset for its intended use.

Which of the following is not accounted for under PAS 38?

Bank accounts or long-term investments where a fixed amount will be received will not qualify as intangible assets because these are monetary assets. This means that items such as trade receivables or loan receivables are not accounted for under IAS 38, even though they do not have physical substance.

What accounting standards are used in Sri Lanka?

The Sri Lanka Accounting and Auditing standards Act No. 15 of 1995 has empowered the Accounting Standards Committee to recommend the Sri Lanka Accounting Standards for the adoption in the country through the Council of the Institute of Chartered Accountants of Sri Lanka.

Shall PAS 38 be applied in accounting for intangible assets?

PAS 38 applies to all intangible assets except those that are specifically dealt with under other standards. PAS 38 does not apply to goodwill acquired in a business combination (PFRS 3), intangible assets held as inventory (PAS 2), and intangible assets classified as held for sale (PFRS 5).

What is the accounting standard for intangibles?

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. AS 26 should be applied by all enterprises in accounting of intangible assets, except: 1.

How do you account for intangible assets under IAS 38?

Cost of intangible asset Cost of a separately acquired intangible asset comprises (IAS 38.27): Its purchase price, plus import duties and non-refundable taxes, less discounts and rebates, Any directly attributable costs of preparing the asset for its intended use.

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Sri Lanka Accounting Standard-LKAS 38 Intangible ... - CA Sri Lanka

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Sri Lanka Accounting Standard-LKAS 38 Intangible Assets LKAS 38 CONTENTS paragraphs SRI LANKA ACCOUNTING STANDARD -LKAS 38 INTANGIBLE ASSETS OBJECTIVE 1 SCOPE 2 7 DEFINITIONS 8 17 Intangible assets.

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