Intangible Assets

IAS 38, Intangible Assets, prescribes how entities should recognize, measure and disclose intangible assets such as patents, trademarks, software and goodwill. An asset is recognized when it is identifiable, the entity controls it and probable future economic benefits can be measured reliably; thereafter it is initially recorded at cost and subsequently carried at cost less accumulated amortization and impairment losses, unless it has an indefinite useful life.