A detailed discussion of the principles of
IAS 38 Intangible assets

IAS 38 Intangible Assets is a financial reporting standard (forming part of the full IFRS financial reporting framework) dealing with the accounting treatment (i.e., recognition, measurement, presentation, and disclosure) of intangible assets. Intangible assets are becoming even more prevalent at present as entities externally acquire and internally generate resources that do not have physical substance and could hold the potential of future economic benefits for the entity. It is therefore vital that these resources are correctly classified, recognised and measured in the financial statements of an entity, subject to consequential appropriate presentation and disclosure. At present, investments in cryptocurrency are accounted for as intangible assets, and not financial assets. The verdict is still out on whether or not resources such as human capital should be recognised as intangible assets on the statement of financial position, and how such would be reliably measured if they were. Accountants, financial reporting, business, and other professionals need a solid understanding of the underlying principles according to which intangible assets are recognised and measured in terms of the International Financial Reporting Standards (IFRS). In this presentation, a very solid refresher is provided of the most important principles relating to the recognition, measurement, presentation, and disclosure of intangible assets and dealing with consequential ambiguities relating to the topic. By completing this learning activity with CPD Campus, you will be developing the following key competencies and skills:

Sub-competency grouping: Lifelong learning

Specific competency: Inquisitiveness

Main competency grouping: Enabling and future competencies

Sub-competency grouping: Business acumen

Specific competency: Business internal environment

Sub-competency grouping: Decision-making acumen

Specific competency: Critical thinking

Specific competency: Judgement

Specific competency: Problem-solving

Main competency grouping: Technical competencies

Sub-competency grouping: Stewardship of capitals: Business process and risk management

Specific competency: New developments and protocols knowledge

Specific competency: Reporting fundamentals

Sub-competency grouping: Decision-making to increase, decrease or transform capitals

Specific competency: Drawing conclusions

Sub-competency grouping: Reporting on value creation

Specific competency: Providing advice