1. The standard also specifies how to measure the carrying amount of intangible assets and requires certain disclosures regarding intangible assets. The Standard also specifies how to measure the carrying amount of intangible assets and requires certain disclosures regarding intangible assets. It sets out the criteria for recognising and measuring intangible assets and requires disclosures about them. Two types of life have been mentioned in the standard: Finite Life: A limited period of benefit to the entity from the asset. ßR(ZR°ˆ^ÉgUÇFÒDç¬30¢¥AÁÁÁDÀè]ªûÅÑÖ§˜æ$¦!oªÂsöÂya¤_ç†ëΉo‘� Like us on facebook. These criteria are very difficult to satisfy for internally developed intangibles. accumulated amortization and impairment losses. Subsequently, the MCA has notified the Companies (Indian Accounting Standards) (Amendment) Rules, 2016/2017 to carry out certain amendments/ omissions in the above Ind ASs and to introduce two new Ind AS 11 and 18. Leases 49 Ind AS 17, Leases 8. PP&E, Ind AS 40 Investment properties and Ind AS 38 intangible assets 101.3 Transitional relief from retrospective application of effective interest method or impairment requirements for financial instruments carried at amortised cost Exemption regarding translation of long-term monetary assets line items in the income statement in which amortization is included. IND AS 38: CA Vaibhav Jain | CA Jai Chawla | CA Anuj Jalota | CA Praveen Sharma | CA Manoj Gupta | CA Sumit Sarda | IFRS Gyan | CA Bhavik Chokshi | CA Chiranjeev Jain | CA Gopal Somani | CA Nitin Gupta | CA Raj K Agrawal |Silvia M. 1. Is to prescribe the accounting treatment for intangible assets that are not dealt with specifically in another Ind AS. Ind AS 37 – Provisions, Contingent Liabilities and ContingentAssets; 2. Under IND AS38, Revaluation Model is allowed for accounting Intangible Asset provided active market exists. 1 . Goodwill acquired under business combination. âÁ�›:»\£ÿMºR¾¦]’£ìú�n½eÔ(Z…¹g_fË':Ó4ímYßÚUïÿœ&ÓÕjø>�i‚{JO×t`²U¯ÓÕ±3Z¾‚Ù:áJá¨Wš7ºéŞKìŞû¢‰‚wÓ½÷-ı9×Ân ğÆìN¸ÓÑtıàô„ ˜¨ë3ŠF¯. In case of indefinite useful lives, test for impairment should be made annually and whenever there is an indication that the intangible asset may be impaired. This class would be helpful for the aspirants preparing for the CA Final exam. First-time adoption of Ind AS 59 Ind AS 101, First-time Adoption of Indian Accounting Standards 10. Indefinite life does not mean infinite life at all. The box on each page (headed ‘Reference’) can be used to insert a reference to the relevant part of the financial statements (for example, Note 7) for all items that have been marked ‘Y’ in the adjacent box. Ind AS 38 applies to all intangible assets other than: An identifiable non-monetary asset without physical substance controlled by the entity, from which future economic benefits are expected to flow towards the entity. Each entry expands to a submenu containing a structure of links disposed in one or more columns. Paragraphs in bold type indicate the main principles.) Professional Course, GST Annual Return Active cases across state have dipped by nearly 38 pc in Dec: Health officials Maharashtra has touched 19.09 lakh Covid-19 cases till date. If asset is acquired separately, then it shall be recognized at acquisition cost. Ind AS 11 Construction Contracts: 16. In this session, CA Nikhil Jobanputra will discuss Ind AS 38 Intangible Assets. Scope: Ind AS 38 applies to all intangible assets other than: 1. financial assets 2. exploration and evaluation assets 3. expenditur… This ends the post. E-learning Module on Ind AS 38. The decrease in carrying amount to the extent of previous revaluation increase shall be recognized to Other Comprehensive Income and the balance amount of revaluation to Profit & Loss A/c. Indefinite Life: No foreseeable limit to the period over which the asset is expected to generate net cash inflows for the entity. Indian Accounting Standard (Ind AS) 38 Intangible Assets (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Ind AS 7 Statement of Cash Flows: 13. Objective. the cost of the asset can be measured reliably. 100, and have announced their results under Ind AS for the first time. Computer Based Exam For IFRS In December 2020 . Indian Accounting Standard (abbreviated as Ind-AS) is the Accounting standard adopted by companies in India and issued under the supervision of Accounting Standards Board (ASB) which was constituted as a body in the year 1977. Ind-AS 38 requires an entity to recognize an intangible asset if and only if: It is probable that the future economic benefits that are attributable to the asset will flow to the entity; and; The cost of the asset can be measured reliably. The MCA had notified the Ind AS via the Companies (Indian Accounting Standards) Rules, 2015. Goodwill Calculation – Pooling of Interest or Purchased Goodwill – IndAS 103 – DipIFR. Objective . Indiana Code For Year 2020. Accounts Ind AS 38, Intangible Assets 63 Ind AS 40, Investment Property 67 Ind AS 41, Agriculture 69 Ind AS 101, First-time Adoption of Indian Accounting Standards 72 Ind AS 102, Share-based Payment 77 . Indian Accounting Standard (Ind AS) 101 First-time Adoption of Indian Accounting Standards: Indian Accounting Standard (Ind AS) 102 Share-based Payment: Indian Accounting Standard (Ind AS) 103 Business Combinations: Indian Accounting Standard (Ind AS) 104 Insurance Contracts: Indian Accounting Standard (Ind AS) 105 Non-current Assets Held for Sale and Discontinued Operations: … Ind AS 38 recognizes that the useful life of an intangible asset can even be indefinite subject to fulfilment of certain conditions, in which case it should not be amortised but should be tested for impairment. Latest Videos. Ind AS 38 – Research and Development – INTANGIBLE ASSETS. 1 . The standard requires an entity to recognize an intangible asset, if and only if, certain criteria are met. The standard also specifies how to measure the carrying amount of intangible assets and requires certain disclosures regarding intangible assets. Please provide summary on Ind AS 38 - Intangible Assets Some intangible assets may be contained in or on a physical substance such as a compact disc (in the case of computer software), legal documentation (in the case of a licence or patent) or film. Following are the list of Intangible Assets which are out of scope of Indian AS 38:- E-learning Module on Ind AS 38. The objective of Ind AS 38 is to prescribe the accounting treatment for intangible assets that are not dealt with specifically in another IFRS. An item is identifiable if it is separable or arises from contractual or other legal rights. Under IND AS 38, R&D expenditure that relates to an inprocess R&D project acquired separately or in a business combination shall be accounted as Intangible Asset. QÔsaxN/>Ó¸dNY’¹&c.Ìãµ]º‡{rp8Xƒ`á`©Ğ“�ÄTÒ•*Kfä0kUß@– ) Ó›­–�W�M®_ãèT\åÊÍÖËÕظ¼Ú­VGBÀbı\{u ËŞKИ €4�@ß A¡èay‚oì™°,¯äv.GÛ. The Standard requires an entity to recognise an in­tan­gi­ble asset if, and only if, certain criteria are met. Ind AS 38 & CAS •Following are references to IA in different CAS •CAS 16 –Amortisation –Maximum useful life of IA 10 years (Ind AS doesn’t specify) –Sch. Ind AS 1 Presentation of Financial Statements : 11. Ind AS 38, Intangible Assets Ind AS 40, Investment Property 5. This Standard requires an entity to recognise an intangible asset if, and only if, specified criteria are met. Ind AS 1 paragraph 31 states that a specific disclosure requirement in a standard need not be satisfied if the information is not material, except when required by law. Primary navigation links. The class will be conducted in English and the notes will be provided in English. Indian Accounting Standard 38 Intangible Assets Contents Paragraphs OBJECTIVE 1 SCOPE 2–7 DEFINITIONS 8–17 Intangible assets 9–17 Identifiability 11–12 Control 13–16 Future economic benefits 17 RECOGNITION AND MEASUREMENT 18–67 Separate acquisition 25–32 Acquisition as part of a business combination 33–43 Measuring … CA Diwakar Jha  Dnv�ŠÉzˆc+¢‚2Ò¸Áƒ¾UL(šº@ substance; 5: tangible and intangible elements contained in same 1 . The Indian Accounting Standards (Ind AS), as notified under section 133 of the Companies Act 2013, have been formulated keeping the Indian economic & legal environment in view and with a view to converge with IFRS Standards, as issued by and copyright of which is held by the IFRS Foundation. Tweet . It measures various factors which affects our brand value example company’s reputation, strategies, employee relation and customer base. Ind AS 116 Leases -IFRS 16 Leases. The definition of a financial instrument is broad. Indian Accounting Standard (Ind AS) 38 : Intangible Assets. 1 . As it continues to report between 3,000 and 5,000 new cases on a daily basis, the caseload is set to cross the 20 lakh mark soon. For each class of intangible asset, disclose: Category when no future economic benefits are expected from its use or disposal. It sets out the criteria for recognising and measuring intangible assets and requires disclosures about them. In this regard, the Ind AS 38 prescribes the principles for measurement, valuation, recognition and the accounting treatment for intangible assets that are not dealt with specifically in another Ind AS. 01 | Ind AS: Practical perspectives - Issue 01/2016. .=¨¸İ¢%2ñeT;è~í fÓ†÷¢y”õeøDŞ ƒ-è*U„h$±ªæ€Ãj1áBLåJ:o¸ Share your views and opinions with us in the comments section below. Ind AS 38 prescribes the accounting treatment for intangible assets that are not dealt with specifically in another Ind AS. Ind AS 12 Income Taxes: 17. Ind AS 108 Operating Segments: 10. FREE EXCERPT. 8Bc°7ûZ†o#�0½¥B0,¥›©°Ã�‚DHb¾áÀë&1˜| °2UĞvwÉ@¯µ�¶Ñ¥–'TVÂ[úÑ†å® ¬ wÍÔ�œF! Auditing & Assurance - (Day 2 Video) - Commonly found... Startup Trilogy: Compliance, Management & Fundraising... Startup Trilogy: … Ind AS 8 Accounting Policies, Changes in Accounting Estimates and Errors: 14. The objective of IAS 38 is to prescribe the accounting treatment for in­tan­gi­ble assets that are not dealt with specif­i­cally in another IFRS. If asset is acquired in a business combination or through a government grant, then recognition shall be at fair value of the asset. IAS 38 – Intangible Assets. The objective of this Standard is to prescribe the accounting treatment for intangible assets that are not dealt with specifically in another Standard. ind as 38: intangible assets; 1: introduction; 2: scope; 3: what is an intangible asset; 4: is it necessary that ia would be without physical. ŠnÊ°M Õ'9sY~!œ0j\ê~µ¡&ñŸø¦œò_¶úô ‚hqP�U¯ªWçVAE÷ëe ¢„aTуú¡� There is no major difference between INDAS 38 AND IAS 38.So the following details relate to both INDAS 38 and IAS 38. Ind AS 10 Events after the Reporting Period: 15. Ind AS 38, Intangible Assets 63 Ind AS 40, Investment Property 67 Ind AS 41, Agriculture 69 Ind AS 101, First-time Adoption of Indian Accounting Standards 72 Ind AS 102, Share-based Payment 77 . Ind AS 38 prescribes the accounting treatment for intangible assets that are not dealt with specifically in another Ind AS. However, the standard mandates an entity to identify and record an intangible asset if and only if certain conditions are met. Effects of changes in foreign exchange rates 55 Ind AS 21, The Effects of Changes in Foreign Exchange Rates 9. Recognition criteria: Ind AS 38 requires an entity to recognize an intangible asset, when purchased or self created if, and only if: If an intangible item does not meet both the definition of and the criteria for recognition as an intangible asset, Ind AS 38 requires the expenditure on this item to be recognized as an expense when it is incurred. EXCLUSIONS (i) AS- 26: The Existing AS-26 (Para 5), does not apply to accounting issues of specialised nature that arise in respect of accounting for discount or premium relating to borrowings and ancillary costs incurred in connection with arrangement of borrowings, share issue expenses and discount allowed on issue of shares. IAS 38 outlines the accounting requirements for intangible assets, which are non-monetary assets which are without physical substance and identifiable (either being separable or arising from contractual or other legal rights). In case of finite useful lives, intangible assets should be amortized over their useful life and test for impairment should be done, when there is an indication. An intangible asset is an identifiable non- monetary asset without physical substance. Revenue 45 Ind AS 18, Revenue 7. Provisions and contingencies Recognition Provision Contingency Measurement Best estimate Anticipating future events Reimbursements Disclosure Provisions Contingent asset Contingent liability Risks and uncertainties Present value Expected disposals of assets Contingencies 3. It applies to an entity’s first Ind AS financial statements and the interim reports presented under Ind AS 34, ‘Interim financial reporting’, which are part of that period. Difference between INDAS 38 and IAS 38.So the following details relate to both INDAS 38 and IAS 38.So the details! 1 Presentation of Financial Statements: ind as 38 Health officials Maharashtra has touched 19.09 lakh cases... 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