AASB 138 - Intangible Assets - July 2004
Measurement after RecognitionMeasurement after Recognition
Start here
Get a plain-English read of Measurement after Recognition
Turn the raw legal text into a practical explanation grounded in AASB 138 - Intangible Assets - July 2004.
Measurement after Recognition
72 An entity shall choose either the cost model in paragraph 74 or the revaluation model in paragraph 75 as its accounting policy. If an intangible asset is accounted for using the revaluation model, all the other assets in its class shall also be accounted for using the same model, unless there is no active market for those assets.
73 A class of intangible assets is a grouping of assets of a similar nature and use in an entity’s operations. The items within a class of intangible assets are revalued simultaneously to avoid selective revaluation of assets and the reporting of amounts in the financial statements representing a mixture of costs and values as at different dates.