IAS 38Chapter 1Lesson 1
Objective and scope of IAS 38
Step 1 of 9Learning objectives
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The first step of the course: understanding why a standard is devoted to intangible assets, what it governs (recognition, carrying amount, disclosures) and which items it applies to. You will learn to set aside items entrusted to another standard (inventories, deferred taxes, leases, financial assets, goodwill from a business combination…) and to decide the case of an intangible carried on a physical medium.
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Learning objectives
- Explain the objective of IAS 38: recognition, measurement of the carrying amount and disclosures for intangibles not dealt with by another standard.
- Identify the items excluded from the scope of IAS 38 and the standard that deals with them.
- Determine whether an item combining tangible and intangible components falls under IAS 16 or IAS 38.
- Apply a step-by-step method to decide, from the facts, which standard applies to a non-physical item.