Identifiable intangibles

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Intangible assets are identifiable non-monetary assets without physical substance that an entity holds for its own use or for rental to others [IAS 8.7]. Examples of intangible assets include computer software, licences, patents and copyrights [IAS 8.8]. Intangible assets held for sale in the ordinary course of business should be accounted for as inventories or construction contracts.

Examples of possible intangible assets include

² computer software

² patents

² copyrights

² motion picture films

² customer lists

² mortgage servicing rights

² licenses

² import quotas

² franchises

² customer and supplier relationships

² marketing rights

Intangibles can be acquired

· by separate purchase

· as part of a business combination

· by a government grant

· by exchange of assets

· by self-creation (internal generation)

Intangible assets exclude [IAS8.1-]

ü Deferred tax assets

ü Leased assets that fall within the scope of IAS 17

ü Investments in financial assets

ü Intangible assets arising in insurance entities from contracts with policyholders

ü Producing assets held by entities involved in the production of oil, gas, coal, mineral and other similar non-regenerative resources

Disclosure

For each class of intangible asset, disclose [IAS 8.107 and 8.111]

² useful life or amortisation rate

² amortisation method

² gross carrying amount

² accumulated amortisation

² line items in the income statement in which amortisation is included

² reconciliation of the carrying amount at the beginning and the end of the period showing

o additions

o retirements/disposals

o revaluations

o impairments

o reversals of impairments

o amortisation

o foreign exchange differences

² Explanation about any intangible being amortised over longer than 0 years

² description and carrying amount of individually material intangible assets

² certain special disclosures about intangible assets acquired by way of government grants

² information about intangible assets whose title is restricted

² commitments to acquire intangible assets

Comparative prior-period information is not required. [IAS 8.107]

Additional disclosures are required about

² Intangible assets carried at revalued amounts [IAS 8.11]

the amount of research and development expenditure recognised as an expense in the current period [IAS 8.115]

Recognition

An intangible asset is recognised when it meets the following criteria [IAS8.7,1]

Ø It is identifiable

Ø The entity has control over the asset

Ø It is probable that economic benefits will flow to the entiry

Ø The cost of the asset can be measured reliably

Expenditure incurred for the purposes of generating future revenues does not, in itself, create an intangible asset. An intangible asset can only be recognised if the three criteria listed above are met. Where the recognition criteria are not met, costs incurred should be expensed [IAS8.]

This requirement applies whether an intangible asset is acquired externally or generated internally. IAS 8 includes additional recognition criteria for internally generated intangible assets (see below).

The probability of future economic benefits must be based on reasonable and supportable assumptions about conditions that will exist over the life of the asset. [IAS 8.0]

If an intangible item does not meet both the definition of and the criteria for recognition as an intangible asset, IAS 8 requires the expenditure on this item to be recognised as an expense when it is incurred. [IAS 8.56]

The Standard also prohibits an enterprise from subsequently reinstating as an intangible asset, at a later date, an expenditure that was originally charged to expense. [IAS 8.5]

In the case of a business combination, expenditure (included in the cost of acquisition) on an intangible item that does not meet both the definition of and recognition criteria for an intangible asset should form part of the amount attributed to the goodwill recognised at the acquisition date. If the intangible meets the definition in IAS 8, recognise and measure at fair value. If fair value cannot be measured reliably, include the cost in goodwill. [IAS 8.56]

Measurement

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