CERTYNEX IFRS ACADEMY

Arvelle holds an intangible item whose accounting treatment is prescribed specifically by a standard other than IAS 38. How does it proceed?

It applies IAS 38 first, because the item has no physical substance.

It applies IAS 38 for measurement and the other standard for the disclosures only.

It applies the other standard.

It applies both standards and retains the treatment giving the lowest carrying amount.