CONTENTS

COMPILATION DETAILS

Comparison With IAS 38

Accounting Standard

AASB 138 Intangible Assets

Paragraphs

Objective 1

Application Aus1.1 – 1.7

Reduced Disclosure Requirements Aus1.8 – Aus1.10

Scope 2 – 7

Definitions 8

Intangible Assets 9 – 10

Identifiability 11 – 12

Control 13 – 16

Future Economic Benefits 17

Recognition and Measurement 18 – Aus24.1

Separate Acquisition 25 – 32

Acquisition as Part of a Business Combination 33 – 34

Intangible Asset Acquired in a Business Combination 35 – 37

Subsequent Expenditure on an Acquired In-process Research and Development Project 42 – 43

Acquisition by way of a Government Grant 44

Exchanges of Assets 45 – 47

Internally Generated Goodwill 48 – 50

Internally Generated Intangible Assets 51 – 53

Research Phase 54 – 56

Development Phase 57 – 64

Cost of an Internally Generated Intangible Asset 65 – 67

Recognition of an Expense 68 – 70

Past Expenses not to be Recognised as an Asset 71

Measurement after Recognition 72 – 73

Cost Model 74

Revaluation Model 75 – 87

Useful Life 88 – 96

Intangible Assets with Finite Useful Lives

Amortisation Period and Amortisation Method 97 – 99

Residual Value 100 – 103

Review of Amortisation Period and Amortisation Method 104 – 106

Intangible Assets with Indefinite Useful Lives 107 – 108

Review of Useful Life Assessment 109 – 110

Recoverability of the Carrying Amount – Impairment Losses 111

Retirements and Disposals 112 – 117

Disclosure

General 118 – 123

Intangible Assets Measured after Recognition using the Revaluation Model 124 – 125

Research and Development Expenditure 126 – 127

Other Information 128

Transitional Provisions and Effective Date 130C – 130K

iLLUSTRATIVE EXAMPLES

Assessing the Useful Lives of Intangible Assets Page 28

DELETED IAS 38 TEXT Page 30

BASIS FOR CONCLUSIONS ON IAS 38
(available on the AASB website)

Australian Accounting Standard AASB 138 Intangible Assets (as amended) is set out in paragraphs 1 – 130K. All the paragraphs have equal authority. Terms defined in this Standard are in italics the first time they appear in the Standard. AASB 138 is to be read in the context of other Australian Accounting Standards, including AASB 1048 Interpretation of Standards, which identifies the Australian Accounting Interpretations. In the absence of explicit guidance, AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors provides a basis for selecting and applying accounting policies.