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IND AS – 38: INTANGIBLE ASSETS
MEANING
Intangible Asset are asset which are
Intellectual property is something that which you create with the help of your mind such as design, plan, outline etc. and other companies cannot copy your intellectual property because it includes Trademark, patent and licensing agreement.
Goodwill is an asset which is created when a business obtain a strong position in its market. It measures various factors which affects our brand value example company’s reputation, strategies, employee relation and customer base.
Following are the list of Intangible Assets which are out of scope of Indian AS 38:-
RECOGNITION PRINCIPLE
Intangible Assets are recognized as asset if they qualify following conditions:
SUBSEQUENT RECOGNITION
If any further expenditure is incurred on Intangible asset then it will also be capitalized only if it meets Recognition Principle discussed as above.
CALCULATION OF INTANGIBLE ASSET COST WHEN PURCAHSED
|
In Rs. |
|
| Purchase Price |
XXX |
| Less: Trade Discount/ Rebate |
XXX |
| Net Purchase Price |
XXX |
| Add: Taxes on Purchase non-refundable |
XXX |
| Add: Professional Fees for Acquisition |
XXX |
| Add: Valuation Cost |
XXX |
| Total Cost |
XXX |
CAPITALISATION
|
ASSET |
CAPITALISATION COST |
USEFUL LIVES |
|
Computer Software |
More than Rs.100 Lacs |
10 years |
|
Computer Software |
Rs.10 Lac to Rs. 100 Lacs |
5 years |
|
Websites |
Rs. 100000 |
3 years |
|
License & Permits |
Rs. 100000 |
Used shorter estimated useful life. If life is indefinite then we do not amortize |
|
Patents |
Rs. 100000 |
Used shorter estimated useful life. If life is indefinite then we do not amortize |
|
Copyrights & Trademark |
Rs. 100000 |
Used shorter estimated useful life. If life is indefinite then we do not amortize |
|
Natural Resources & Extraction |
Rs. 100000 |
Used shorter estimated useful life. If life is indefinite then we do not amortize |
|
Other Intangible Assets |
Rs. 100000 |
Used shorter estimated useful life. If life is indefinite then we do not amortize |
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27 Mar
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