Previous versions. Forthcoming: Amendments to IAS 1, IAS 27, IFRS 10 and IAS 28 Complete set of financial statements • A complete set of financial statements comprises the following. Our results indicate a mean (median) compliance level of about 84% (86%) but high variation among firms and disclosure levels regarding IAS 36 being … The present value of future fixed fees to be paid under the arrangement are capitalized and a corresponding financial liability is recorded. Introduction 10 2. IAS 36 Impairment of Assets 32 5. economic benefits expected from its use have to be ‘probable’ (IAS 38.21(a)). Determinants of compliance levels … The intangible asset is amortized on a systematic basis over its useful life with amortization expense recognized in profit or loss. Where do you record digital currency on your balance sheet? thanks the ESSEC KPMG Financial Reporting Centre for additional financial support. The scope of IAS 38 and the intangible assets that it deals with; Definition of an intangible asset; Initial recognition of measurement in the financial statements; Subsequent measurement ; Disclosures; Authored by: Jennifer Braithwaite. The following presentation looks at IAS 38, Intangible Assets. 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. Our specialists give you a succinct overview of today's most relevant IFRS topics. IAS 38 Intangible Assets (July 2009) Compliance costs for REACH The IFRIC received a request to add an item to its agenda to provide guidance on the treatment of costs incurred to comply with the requirements of the European Regulation concerning the Registration, Evaluation, Authorisation and Restriction of Chemicals (REACH). This Standard requires an entity to recognise an intangible asset if, and only if, specified criteria are met. September 27, 2015 at 5:49 pm #273899. Intangible assets Topic summary provided by PwC, giving latest developments and overview, a summary of the standard and links to relevant resources. – A statement of profit or loss and other comprehensive income. – A statement of financial position. 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. However, if an intangible asset is acquired in a business combination the probability recognition criterion in IAS 38.21(a) is always considered to be satisfied as uncertainties regarding future economic benefits are reflected in the asset’s fair value (IAS 38.33). those with characteristics of equity – can be more challenging, leading to diversity in practice. 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 does not permit revaluation without an active market as the value cannot be reliably measured in the absence of a commercial transaction” Mike, the document you provided a link to suggests that Patents can be revalued if there is an active market, but BPP seem to think that Patents do not have an active market…. Committee of Germany (ASCG) identify a need to improve IAS 38. Access to this private computer system is restricted to authorized users only. – A statement of changes in equity. tion with IAS 38 in 2004. Proposals aim to improve information about financial instruments issued. 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