Can intangible assets be revalued under AASB 138?

while intangible assets for which there are active markets can be revalued after initial recognition under AASB 138.

Which intangible assets are not permitted by AASB 138 to be recorded on balance sheets?

63 Internally generated brands, mastheads, publishing titles, customer lists and items similar in substance shall not be recognised as intangible assets.

What is intangible assets under Income Tax Act?

6.1 An intangible asset is an identifiable non-monetary asset, without physical substance, held for use in the production or supply of goods or services, for rental to others, or for administrative purposes.

How do you define intangible assets?

An intangible asset is an asset that is not physical in nature. Goodwill, brand recognition and intellectual property, such as patents, trademarks, and copyrights, are all intangible assets. Intangible assets exist in opposition to tangible assets, which include land, vehicles, equipment, and inventory.

When did AASB 138 intangible assets come into effect?

There is no specific IPSAS dealing with accounting for intangible assets at present. The Australian Accounting Standards Board made Accounting Standard AASB 138 Intangible Assets under section 334 of the Corporations Act 2001 on 15 July 2004.

What is the Australian Accounting Standard for intangible assets?

Australian Accounting Standard AASB 138 Intangible Assets (as amended) is set out in paragraphs 1 – 128. All the paragraphs have equal authority. Terms defined in this Standard are in italicsthe first time they appear in the Standard.

How is impairment of assets defined in AASB 136?

Australian Accounting Standard AASB 136 Impairment of Assets(ass amended) is set out in paragraphs 1 – Aus141.2 and Appendices A and C – E. All the paragraphs have equal authority. Paragraphs in bold typestate the main principles. AASB 136 is to be read in the context of other Australian Accounting Standards, including AASB 1048

Can a not for profit entity comply with AASB 138?

Paragraphs that apply only to not-for-profit entities begin by identifying their limited applicability. For-profit entities that comply with the requirements of AASB 138 as amended will simultaneously be in compliance with the requirements of IAS 38 as amended.