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1976652
Philippine Accounting Standards 38: Intangible Assets
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Joen Jacob Ramas
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Joen Jacob Ramas
over 9 years ago
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Philippine Accounting Standards 38: Intangible Assets
nonmonetary asset WITHOUT PHYSICAL SUBSTANCE
Identifiability
Control
Future economic benefits
INITIAL MEASUREMENT
Cost
SEPARATE ACQUISITION: Cash or Cash Price Equivalent
ACQUISITION BY BUSINESS COMBINATION: Fair value on acquisition
Subsequent Expenditures: Expense
ACQUISITION BY GOVERNMENT GRANT: (a) Fair value; (b) Nominal amount or zero + directly attributable expenses
ACQUISITION BY EXCHANGE: (a) Fair value: with commercial substance; (b) Carrying Amount: lacks commercial substance
INTERNALLY GENERATED INTANGIBLE: Not recognized as an asset
SUBSEQUENT MEASUREMENT
COST MODEL: Cost less Accumulated Amortization less Accumulated Impairment Loss
REVALUATION MODEL: Revalued Amount less Subsequent Amortization less Accumulated Impairment Loss
AMORTIZATION OF INTANGIBLE ASSETS
Finite Life
pattern used by the entity, otherwise, straight line method
change in amortization method or useful life shall be treated currently and prospectively
Indefinite Life
not amortized, only tested for impairment
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