AASB 2011-8 - Amendments to Australian Accounting Standards arising from AASB 13 - September 2011
79Paragraphs 39–41 are deleted.
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79 Paragraphs 39–41 are deleted.
80 Paragraphs 47, 50, 75, 78, 82, 84 and 100 are amended as follows (new text is underlined and deleted text is struck through):
47 Paragraph 21(b) specifies that a condition for the recognition of an intangible asset is that the cost of the asset can be measured reliably. The fair value of an intangible asset for which comparable market transactions do not exist is reliably measurable if (a) the variability in the range of reasonable fair value estimates measurements is not significant for that asset or (b) the probabilities of the various estimates within the range can be reasonably assessed and used in estimating when measuring fair value. If an entity is able to determine measure reliably the fair value of either the asset received or the asset given up, then the fair value of the asset given up is used to measure cost unless the fair value of the asset received is more clearly evident.
50 Differences between the market fair value of an entity and the carrying amount of its identifiable net assets at any time may capture a range of factors that affect the fair value of the entity. However, such differences do not represent the cost of intangible assets controlled by the entity.
75 … For the purpose of revaluations under this Standard, fair value shall be determined measured by reference to an active market. …
78 It is uncommon for an active market with the characteristics described in paragraph 8 to exist for an intangible asset, although this may happen. …
82 If the fair value of a revalued intangible asset can no longer be determined measured by reference to an active market, the carrying amount of the asset shall be its revalued amount at the date of the last revaluation by reference to the active market less any subsequent accumulated amortisation and any subsequent accumulated impairment losses.
84 If the fair value of the asset can be determined measured by reference to an active market at a subsequent measurement date, the revaluation model is applied from that date.