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Important Stuff on Ind AS 38, Intangible Assets

Indian Accounting Standard (Ind AS) 38, Intangible Assets, Important Material

→ Brief Summary on Ind AS 38

→ Detailed Overview of Ind AS 38

→ Educational Material on Ind AS 38

→ Quick Reference on Ind AS 38

→ Complete Text of Ind AS 38

Ind AS 38: Intangible Assets

As per Ind AS 38 Intangible Asset is an identifiable non-monetary asset without physical substance.

It must be separate and be capable of being separated from the entity, and sold/transferred. The entity must have the power to obtain future economic benefits and restrict the access of the others to the benefits those arise.

It must be a source of (i) revenue, (ii) cost savings, (iii) other future economic benefits.


The objective of this Standard is to prescribe the accounting treatment for intangible assets that are not dealt with specifically in another Standard. This Standard requires an entity to recognise an intangible asset if, and only if, specified criteria are met. The Standard also specifies how to measure the carrying amount of intangible assets and requires specified disclosures about intangible assets.


Non Applicability:
(a) intangible assets that comes under the scope of another Standard;
(b) financial assets, as defined in Ind AS 32, Financial Instruments: Presentation;
(c) the recognition and measurement of exploration and evaluation assets (Ind AS 106, Exploration for and Evaluation of Mineral Resources); and
(d) expenditure on the development and extraction of minerals, oil, natural gas and similar non-regenerative resources.

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