IND AS-38 Intangible Assets

According to this IND AS, Intangible Assets should be recognise in the balance sheet of the entity only if it meets the following criteria:-

1. It should not have any physical substance.

2. It should be under the control of the entity i.e., power to obtain the future economic benefits from the underlying resources and ability to restrict the access of others to those benefits.

3. It should be an identifiable assets i.e., either separable from other assets or arises from contractual or other legal rights.

4. It should be non monetary assets.

5. The entity should have reliable estimate of the cost of the said Intangible Assets.

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