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in this question they have treated the Intellectual Property(IP) (Volut) as per IAS 38 Intangible asset but shouldn’t it be licensing (IFRS 15) because
as per IFRS 15 licensing could give the customer the RIGHT TO ACCESS the intellectual property (ie the entity could make changes to IP and the customer would be exposed to the effects) whereas the RIGHT TO USE would give the customer to make changes to IP.
so this question has evidence of it being accounted as licensing as Chemclean has the right to access rather than use
thus shouldn’t we need to write about IFRS 15 LICENSING rather than IAS 38 INTANGIBLE ASSET?
Hi,
I don’t see why it would be IFRS 15 as Chemclean are not selling the item in question. They are making a payment to acquire it and so the purchase gives rise to the purchase of an intangible.
Thanks
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