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Under IAS 38 intangible assets, the asset is recognised if it meets the identfiability criteria. Hence it must be seperate, or it must arise from contractual or other rights.
I am looking at 12/2008 pass paper Q3, what does it mean by “seperate” ? and licences are rights arent they?
is the cost model used then if revaluation model is permitted due to the fact that Johan cannot sell licence.
Thanks very much
Revaluation model is only available if the asset can be sold in an active market and Johan is not able to sell the licence. Therefore cost model has to be used
“Separate” or “separable” implies identification without reference to an other asset or assets. really, it’s the normal sense of the word.
OK?
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