ICAI’s Exposure Draft of ‘Accounting Standard (AS) 38: Intangible Assets’ for Comments
The ICAI has issued Exposure Draft of ‘Accounting Standard (AS) 38: Intangible Assets’ for Comments/ Suggestions from the Members of ICAI and Other Stakeholders, latest by 2 Nov. 2018, as under:
It may be noed that ICAI is in the process of upgrading it’s Accounting Standards in line with MCA request to bring the Accounting Standards notified under Companies (Accounting Standards) Rules, 2006 as nearer to Indian Accounting Standards (Ind AS) notified in 2015, as possible.
Accordingly, the ASB of ICAI has finalised the draft of ‘AS 38: Intangible Assets”, using Ind AS 38 as the base. Major differences between draft AS 38 and Ind AS 38 are enumerated in Appendix 1. Similarly, major differences between draft AS 38 and AS 26 are given in Appendix 2.
Comments should be submitted using one of the following methods:
|3. Post:||Secretary, Accounting Standards Board, The Institute of Chartered Accountants of India, ICAI Bhawan, Post Box No. 7100, Indraprastha Marg, New Delhi 110 002|
Any further clarifications may be sought by e-mail from ICAI using firstname.lastname@example.org
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.