IAS 38

What is intangible asset?

1 Comment / financial accounting / By Amidu Edson

An intangible asset is an identifiable non monetary asset without physical substance.
Guidelines for recognition, measurement and disclosure on intangible assets is given in IAS 38 intangible assets.

An asset is defined under the conceptual framework as a resource controlled by an entity as a result of past transactions and events, and from which … Read the rest

Revision question on financial accounting – Delali ltd

Leave a Comment / ACCA F7, financial accounting, Intangible assets / By Amidu Edson

Delali Ltd adopts revaluation model for subsequent measurement of its intangible assets in accordance with IAS 38: Intangible assets. The policy of Delali is to revalue its intangible asset at the end of each year. An intangible asset with an estimated useful life of 9 years was acquired on 1 January 2016 for GH¢45,000. It was revalued to GH¢54,400 … Read the rest