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IAS standard on intangible asset accounting
The objective of IAS 38 is to prescribe the accounting treatment for intangible assets that are not dealt with specifically in another IAS. The Standard requires an enterprise to recognise an intangible asset if, and only if, certain criteria are met. The Standard also specifies how to measure the carrying amount of intangible assets and requires certain disclosures regarding intangible assets.
IAS 38 applies to all intangible assets other than: [IAS 38.2-3]
- financial assets
- mineral rights and exploration and development costs incurred by mining and oil and gas companies
- intangible assets arising from insurance contracts issued by insurance companies
- intangible assets covered by another IAS, such as intangibles held for sale, deferred tax assets, lease assets, assets arising from employee benefits, and goodwill. Goodwill is covered by IFRS 3.
Intangible asset: An identifiable nonmonetary asset without physical substance. An asset is a resource that is controlled by the enterprise as a result of past events (for example, purchase or self-creation) and from which future economic benefits (inflows of cash or other assets) are expected. Thus, the three critical attributes of an intangible asset are: [IAS 38.8]
- control (power to obtain benefits from the asset)
- future economic benefits (such as revenues or reduced future costs)
Identifiability: An intangible asset is identifiable when it: [IAS 38.12]
- is separable (capable of being separated and sold, transferred, licensed, rented, or exchanged, either individually or as part of a package) or
- arises from contractual or other legal rights, regardless of whether those rights are transferable or separable from the entity or from other rights and obligations.
Examples of possible intangible assets include:
- computer software
- motion picture films
- customer lists
- mortgage servicing rights
- import quotas
- customer and supplier relationships
- marketing rights
Intangibles can be acquired:
- by separate purchase
- as part of a business combination
- by a government grant
- by exchange of assets
- by self-creation (internal generation)
Recognition criteria. IAS 38 requires an enterprise to recognise an intangible asset, whether purchased or self-created (at cost) if, and only if: [IAS 38.21]
- it is probable that the future economic benefits that are attributable to the asset will flow to the enterprise; and
- the cost of the asset can be measured reliably.
This requirement applies whether an intangible asset is acquired externally or generated internally. IAS 38 includes additional recognition criteria for internally generated intangible assets (see below).
The probability of future economic benefits must be based on reasonable and supportable assumptions about conditions that will exist over the life of the asset. [IAS 38.22] The probability recognition criterion is always considered to be satisfied for intangible assets that are acquired separately or in a business combination. [IAS 38.33]
If recognition criteria not met. If an intangible item does not meet both the definition of and the criteria for recognition as an intangible asset, IAS 38 requires the expenditure on this item to be recognised as an expense when it is incurred. [IAS 38.68]
Business combinations. There is a rebuttable presumption that the fair value (and therefore the cost) of an intangible asset acquired in a business combination can be measured reliably. [IAS 38.35] An expenditure (included in the cost of acquisition) on an intangible item that does not meet both the definition of and recognition criteria for an intangible asset should form part of the amount attributed to the goodwill recognised at the acquisition date. IAS 38 notes, however, that non-recognition due to measurement reliability should be rare: [IAS 38.38]
The only circumstances in which it might not be possible to measure reliably the fair value of an intangible asset acquired in a business combination are when the intangible asset arises from legal or other contractual rights and either:
- (a) is not separable; or
- (b) is separable, but there is no history or evidence of exchange transactions for the same or similar assets, and otherwise estimating fair value would be dependent on immeasurable variables.
Reinstatement. The Standard also prohibits an enterprise from subsequently reinstating as an intangible asset, at a later date, an expenditure that was originally charged to expense. [IAS 38.71]
Initial Recognition: Research and Development Costs
- Charge all research cost to expense. [IAS 38.54]
- Development costs are capitalised only after technical and commercial feasibility of the asset for sale or use have been established. This means that the enterprise must intend and be able to complete the intangible asset and either use it or sell it and be able to demonstrate how the asset will generate future economic benefits. [IAS 38.57]
If an enterprise cannot distinguish the research phase of an internal project to create an intangible asset from the development phase, the enterprise treats the expenditure for that project as if it were incurred in the research phase only.
Initial Recognition: In-process Research and Development Acquired in a Business Combination
A research and development project acquired in a business combination is recognised as an asset at cost, even if a component is research. Subsequent expenditure on that project is accounted for as any other research and development cost (expensed except to the extent that the expenditure satisfies the criteria in IAS 38 for recognising such expenditure as an intangible asset). [IAS 38.34]
Initial Recognition: Internally Generated Brands, Mastheads, Titles, Lists
Brands, mastheads, publishing titles, customer lists and items similar in substance that are internally generated should not be recognised as assets. [IAS 38.63]
Initial Recognition: Computer Software
- Purchased: capitalise
- Operating system for hardware: include in hardware cost
- Internally developed (whether for use or sale): charge to expense until technological feasibility, probable future benefits, intent and ability to use or sell the software, resources to complete the software, and ability to measure cost.
- Amortisation: over useful life, based on pattern of benefits (straight-line is the default).
Initial Recognition: Certain Other Defined Types of Costs
The following items must be charged to expense when incurred:
- internally generated goodwill [IAS 38.48]
- start-up, pre-opening, and pre-operating costs [IAS 38.69]
- training cost [IAS 38.69]
- advertising cost [IAS 38.69]
- relocation costs [IAS 38.69]
Intangible assets are initially measured at cost. [IAS 38.24]
Measurement Subsequent to Acquisition: Cost Model and Revaluation Models Allowed
An entity must choose either the cost model or the revaluation model for each class of intangible asset. [IAS 38.72]
Cost model. After initial recognition the benchmark treatment is that intangible assets should be carried at cost less any amortisation and impairment losses. [IAS 38.74]
Revaluation model. Intangible assets may be carried at a revalued amount (based on fair value) less any subsequent amortisation and impairment losses only if fair value can be determined by reference to an active market. [IAS 38.75] Such active markets are expected to be uncommon for intangible assets. [IAS 38.78] Examples where they might exist:
- Milk quotas.
- Stock exchange seats.
- Taxi medallions.
Under the revaluation model, revaluation increases are credited directly to "revaluation surplus" within equity except to the extent that it reverses a revaluation decrease previously recognised in profit and loss. If the revalued intangible has a finite life and is, therefore, being amortised (see below) the revalued amount is amortised. [IAS 38.85]
Classification of Intangible Assets Based on Useful Life
Intangible assets are classified as: [IAS 38.88]
- Indefinite life: No foreseeable limit to the period over which the asset is expected to generate net cash inflows for the entity.
- Finite life: A limited period of benefit to the entity.
Measurement Subsequent to Acquisition: Intangible Assets with Finite Lives
The cost less residual value of an intangible asset with a finite useful life should be amortised over that life: [IAS 38.97]
- The amortisation method should reflect the pattern of benefits.
- If the pattern cannot be determined reliably, amortise by the straight line method.
- The amortisation charge is recognised in profit or loss unless another IFRS requires that it be included in the cost of another asset.
- The amortisation period should be reviewed at least annually. [IAS 38.104]
The asset should also be assessed for impairment in accordance with IAS 36. [IAS 38.111]
Measurement Subsequent to Acquisition: Intangible Assets with Indefinite Lives
An intangible asset with an indefinite useful life should not be amortised. [IAS 38.107]
Its useful life should be reviewed each reporting period to determine whether events and circumstances continue to support an indefinite useful life assessment for that asset. If they do not, the change in the useful life assessment from indefinite to finite should be accounted for as a change in an accounting estimate. [IAS 38.109]
The asset should also be assessed for impairment in accordance with IAS 36. [IAS 38.111]
Subsequent expenditure on an intangible asset after its purchase or completion should be recognised as an expense when it is incurred, unless it is probable that this expenditure will enable the asset to generate future economic benefits in excess of its originally assessed standard of performance and the expenditure can be measured and attributed to the asset reliably. [IAS 38.60]
For each class of intangible asset, disclose: [IAS 38.118 and 38.122]
- useful life or amortisation rate
- amortisation method
- gross carrying amount
- accumulated amortisation and impairment losses
- line items in the income statement in which amortisation is included
- reconciliation of the carrying amount at the beginning and the end of the period showing:
- additions (business combinations separately)
- assets held for sale
- retirements and other disposals
- reversals of impairments
- foreign exchange differences
- basis for determining that an intangible has an indefinite life
- description and carrying amount of individually material intangible assets
- certain special disclosures about intangible assets acquired by way of government grants
- information about intangible assets whose title is restricted
- commitments to acquire intangible assets
Additional disclosures are required about:
- intangible assets carried at revalued amounts [IAS 38.124]
the amount of research and development expenditure recognised as an expense in the current period [IAS 38.126]