Discuss the Accounting Requirements in AASB 138 for Separately Acquired

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The Answer is For a separately acquired intangible,such as an individual copyright,registered trademark or licence acquired from another entity,AASB 138 para.25 notes that the price paid would reflect expectations about the probability of future economic benefits and that those expectations would be reflected in the cost of the asset.Hence,the standard specifies that the probability recognition criterion would always be considered to be satisfied for separately acquired intangible assets.In addition,the cost of a separately acquired intangible asset would normally be capable of reliable measurement,especially when the purchase consideration is in the form of cash or other monetary assets (para.26).In initially measuring a separately acquired intangible asset,cost comprises (para.27): -purchase price,including import duties and non- refundable purchase taxes,after deducting trade discounts and rebates; and -any directly attributable costs of preparing the asset for its intended use.

Discuss the Accounting Requirements in AASB 138 for Separately Acquired

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Discuss the Accounting Requirements in AASB 138 for Separately Acquired

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