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IAS 36: Impairment of Assets 1998 July 1, 1999: IAS 37: Provisions, Contingent Liabilities and Contingent Assets 1998 July 1, 1999: IAS 38: Intangible Assets: 1998 July 1, 1999: IAS 39: Financial Instruments: Recognition and Measurement 1998 January 1, 2001: January 1, 2018: IFRS 9: IAS 40: Investment Property 2000 January 1, 2001: IAS 41 ...
Asset impairment was first addressed by the International Accounting Standards Board (IASB) in IAS 16, which became effective in 1983. [2] It was replaced by IAS 36, effective July 1999. [2] In United States GAAP, the Financial Accounting Standards Board (FASB) introduced the concept in 1995 with the release of SFAS 121. [3]
An asset should also be impaired in accordance with IAS 36 Impairment of Assets if its recoverable amount falls below its carrying amount. [1] Recoverable amount is the higher of an asset's fair value less costs to sell and its value in use (estimate of future cash flows the entity expects to derive from the asset).
The International Accounting Standards Board (IASB) offers some guidance (IAS 38) as to how intangible assets should be accounted for in financial statements.In general, legal intangibles that are developed internally are not recognized and legal intangibles that are purchased from third parties are recognized. [2]
However certain standards require offsetting when specific conditions are satisfied (such as in case of the accounting for defined benefit liabilities in IAS 19 [32] and the net presentation of deferred tax liabilities and deferred tax assets in IAS 12 [33]).
In financial accounting, an asset is any resource owned or controlled by a business or an economic entity. It is anything (tangible or intangible) that can be used to produce positive economic value. Assets represent value of ownership that can be converted into cash (although cash itself is also considered an asset). [1]
Its International Accounting Standards (IAS 38) set out the criteria for recognizing and measuring intangible assets: "An intangible asset is an identifiable non-monetary asset without physical substance. Such an asset is identifiable when it is separable, or when it arises from contractual or other legal rights."
The International Accounting Standards Committee (IASC) had been established in 1973 and had issued a number of standards known as International Accounting Standards (IAS). As the organization was reformed in 2001, it changed the name of the standard-setting body from IASC to IASB, and established a foundation to oversee it, initially known as ...