Compiled Standard Intangible Assets

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  • Topic: Asset, Intangible asset, Goodwill
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  • Published : January 3, 2013
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Compiled AASB Standard AASB 138
Intangible Assets
This compiled Standard applies to annual reporting periods beginning on or after 1 July 2009. Early application is permitted. It incorporates relevant amendments made up to and including 25 June 2009.

Prepared on 30 October 2009 by the staff of the Australian Accounting Standards Board.
AASB 138-compiled 2 COPYRIGHT
Obtaining Copies of Accounting Standards
Compiled versions of Standards, original Standards and amending Standards (see Compilation Details) are available on the AASB website: www.aasb.gov.au.
Printed copies of original Standards and amending Standards are available for purchase by contacting:
The Customer Service Officer
Australian Accounting Standards Board
Level 7
600 Bourke Street
Melbourne Victoria
AUSTRALIA
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PO Box 204 Collins Street West
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AUSTRALIA
Phone: (03) 9617 7637
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COPYRIGHT
© 2009 Commonwealth of Australia
This compiled AASB Standard contains International Accounting Standards Committee Foundation copyright material. Reproduction within Australia in unaltered form (retaining this notice) is permitted for personal and noncommercial use subject to the inclusion of an acknowledgment of the source. Requests and enquiries concerning reproduction and rights for commercial purposes within Australia should be addressed to The Director of Finance and Administration, Australian Accounting Standards Board, PO Box 204, Collins Street West, Victoria 8007.

All existing rights in this material are reserved outside Australia. Reproduction outside Australia in unaltered form (retaining this notice) is permitted for personal and non-commercial use only. Further information and requests for authorisation to reproduce for commercial purposes outside Australia should be addressed to the International Accounting Standards Committee Foundation at www.iasb.org.

AASB 138-compiled 3 CONTENTS
CONTENTS
COMPILATION DETAILS
COMPARISON WITH IAS 38
ACCOUNTING STANDARD
AASB 138 INTANGIBLE ASSETS
Paragraphs
Objective 1
Application Aus1.1 – 1.7
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
Measuring the Fair Value of an Intangible Asset
Acquired in a Business Combination 35 – 41
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
AASB 138-compiled 4 CONTENTS
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 – 130E
ILLUSTRATIVE EXAMPLES
Assessing the Useful Lives of Intangible Assets Page 46
BASIS FOR CONCLUSIONS ON IAS 38
(available on the AASB website)
Australian Accounting Standard AASB 138...
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