CTHIn ForceLegislation
AASB 138 - Intangible Assets - August 2015
21An intangible asset shall be recognised if, and only if:
Start here
Get a plain-English read of 21
Turn the raw legal text into a practical explanation grounded in AASB 138 - Intangible Assets - August 2015.
21 An intangible asset shall be recognised if, and only if:
(a) it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity; and
(b) the cost of the asset can be measured reliably.
22 An entity shall assess the probability of expected future economic benefits using reasonable and supportable assumptions that represent management’s best estimate of the set of economic conditions that will exist over the useful life of the asset.
23 An entity uses judgement to assess the degree of certainty attached to the flow of future economic benefits that are attributable to the use of the asset on the basis of the evidence available at the time of initial recognition, giving greater weight to external evidence.