Tags: ICAI. E-learning Module on Ind AS 38. 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. The Standard also specifies how to measure the carrying amount of intangible assets and requires certain disclosures regarding intangible assets. Ind AS 38 Intangible Assets The objective of Ind AS 38 is to prescribe the accounting treatment for intangible assets that are not dealt with specifically in another Standard. The Standard requires an entity to recognise an intangible asset if, and only if, certain criteria are met. Objective. GOODS IN TRANSIT & CASH IN TRANSIT – IFR 15. Statements of Profit and loss and other Comprehensive income, Statement of changes in Equity and Statement of Financial position are the new names of Financial Statements as per IND … intangible assets covered by another Ind AS, such as: assets arising from employee benefits plan. The basic requirement is … 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 1 Presentation of Financial Statements : 11. Objective . For each class of intangible asset, disclose: Category Paragraphs in bold type indicate the main principles.) Indian Accounting Standard (Ind AS) 38 : Intangible Assets. ßR(ZR°ˆ^ÉgUÇFÒDç¬30¢¥AÁÁÁDÀè]ªûÅÑÖ§˜æ$¦!oªÂsöÂya¤_ç†ëΉo‘� 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. Goodwill Calculation – Pooling of Interest or Purchased Goodwill – IndAS 103 – DipIFR. The class will be conducted in English and the notes will be provided in English. This class would be helpful for the aspirants preparing for the CA Final exam. Leases 49 Ind AS 17, Leases 8. 1 . Scope: Ind AS 38 applies to all intangible assets other than: 1. financial assets 2. exploration and evaluation assets 3. expenditur… 1. Dnv�ŠÉzˆc+¢‚2Ò¸Áƒ¾UL(šº@ Indefinite Life: No foreseeable limit to the period over which the asset is expected to generate net cash inflows for the entity. ŠnÊ°M Õ'9sY~!œ0j\ê~µ¡&ñŸø¦œò_¶úô ‚hqP�U¯ªWçVAE÷ëe ¢„aTуú¡� 1 . This Standard requires an entity to recognise an intangible asset if, and only if, specified criteria are met. CA Diwakar Jha Primary navigation links. If asset is acquired in a business combination or through a government grant, then recognition shall be at fair value of the asset. The standard requires an entity to recognize an intangible asset, if and only if, certain criteria are met. It sets out the criteria for recognising and measuring intangible assets and requires disclosures about them. The objective of Ind AS 38 is to prescribe the accounting treatment for intangible assets that are not dealt with specifically in another Ind AS. Professional Course, India's largest network for finance professionals, All You Need to Know About UDIN (Unique Document Identification Number) by Chartered Accountants in Practice, Cancellation of registration under Rule 22 of the CGST Rules aligned with newly inserted sub-rule (2A) of Rule 21A, Equalisation Levy - Most Vital Concept in International Taxation, GST - Due Date Compliance Calendar for January 2021 and Recent Updates on The Portal, Role of Dividend Tax in Achieving the Essence of the Budget, expenditure on the development and extraction of minerals, oil, natural gas, and similar resources, intangible assets arising from insurance contracts issued by insurance companies. The standard requires an entity to recognize an intangible asset, if and only if, certain criteria are met. 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, 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 . The objective of this Standard is to prescribe the accounting treatment for intangible assets that are not dealt with specifically in another Standard. Category: INDAS. 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. The objective of Ind AS 38 is to prescribe the accounting treatment for intangible assets that are not dealt with specifically in another IFRS. 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: … substance; 5: tangible and intangible elements contained in same 1 . (Summary) Ind AS 38 Intangible Assets. accumulated amortization and impairment losses. CA Diwakar Jha, You can also submit your article by sending to article@caclubindia.com, GST certification ]¥¼PßMI>‘È9D—’ÚFp‹1””2•»ê\Ã2/˜‰Ágõ o„më¢^•;2ÀAÇZ Ó6:§*šßÑ 4ı‡]ÒÕıÍÓ–oĞK¥3"ÇœÔ[ºÔ”D͸L|˜º§¡9|ˆ9àDV¬© Ind AS 38 Intangible Assets: Ind AS 40: Investment Property: Ind AS 41: Agriculture . 1 . 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. Indiana Code For Year 2020. There is no major difference between INDAS 38 AND IAS 38.So the following details relate to both INDAS 38 and IAS 38. Is to prescribe the accounting treatment for intangible assets that are not dealt with specifically in another Ind AS. An intangible asset is an identifiable non- monetary asset without physical substance. Ind AS 38 prescribes the accounting treatment for intangible assets that are not dealt with specifically in another Ind AS. The standard also elaborates how to ascertain the carrying value of intangible assets and requires specified disclosures in relation to intangible … 1. The standard also specifies how to measure the carrying amount of intangible assets and requires certain disclosures regarding intangible assets. 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. Accounts .=¨¸İ¢%2ñeT;è~í fÓ†÷¢y”õeøDŞ ƒ-è*U„h$±ªæ€Ãj1áBLåJ:o¸ FREE EXCERPT. 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. Ind AS 11 Construction Contracts: 16. the cost of the asset can be measured reliably. 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. 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. Refer our blog: Accounting Standard concept with explanation. 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 Share your views and opinions with us in the comments section below. Following are the list of Intangible Assets which are out of scope of Indian AS 38:- Indefinite life does not mean infinite life at all. An item is identifiable if it is separable or arises from contractual or other legal rights. 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. As 26 vs ind as-38 1. Income taxes 37 Ind AS 12, Income Taxes 6. when no future economic benefits are expected from its use or disposal. Like us on facebook. Ind AS 10 Events after the Reporting Period: 15. Updated on 09 April 2020. Ind AS 116 Leases -IFRS 16 Leases. [Ind AS 38.1] Ind AS 37 – Provisions, Contingent Liabilities and ContingentAssets; 2. Ind AS 32 and Ind AS 109 - Financial Instruments: Classification, recognition and measurement 5. Ind AS 12 Income Taxes: 17. 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. E-learning Module on Ind AS 38. However, the standard mandates an entity to identify and record an intangible asset if and only if certain conditions are met. Ind AS 8 Accounting Policies, Changes in Accounting Estimates and Errors: 14. 100, and have announced their results under Ind AS for the first time. Ind AS 108 Operating Segments: 10. If asset is generated internally, then the expenditure incurred in development phase shall be the recognition value. Ind AS 38 prescribes the accounting treatment for intangible assets that are not dealt with specifically in another Ind AS. Indian Accounting Standard (Ind AS) 38 Intangible Assets. 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. it is probable that the future economic benefits that are attributable to the asset will flow to the entity; and. 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. The MCA had notified the Ind AS via the Companies (Indian Accounting Standards) Rules, 2015. If asset is acquired separately, then it shall be recognized at acquisition cost. Computer Based Exam For IFRS In December 2020 . The objective of IAS 38 is to prescribe the accounting treatment for intangible assets that are not dealt with specifically in another IFRS. line items in the income statement in which amortization is included. Auditing & Assurance - (Day 2 Video) - Commonly found... Startup Trilogy: Compliance, Management & Fundraising... Startup Trilogy: … 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. IAS 38 – Intangible Assets. 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 … This ends the post. 01 | Ind AS: Practical perspectives - Issue 01/2016. 1 . Under IND AS38, Revaluation Model is allowed for accounting Intangible Asset provided active market exists. Ind AS 38, Intangible Assets Ind AS 40, Investment Property 5. Ind ASs refers to the accounting standards as specified in the Annexure to the Companies (Indian Accounting Standards) Rules, 2015. ACCA DipIFR – ACCA IFRS Course Details. Professional Course, Online Excel Course (adsbygoogle = window.adsbygoogle || []).push({}); The increase in carrying amount to the extent of previous revaluation decrease shall be recognized in Profit & Loss A/c and the balance amount of revaluation to Other Comprehensive Income statement. Two types of life have been mentioned in the standard: Finite Life: A limited period of benefit to the entity from the asset. The objective of Ind AS 38 is to prescribe the accounting treatment for intangible assets that are not dealt with specifically in another Ind AS. Get to know the investigational new drug application (IND). 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. 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