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Ind as 38 intangible asset

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Ajith Das

Student

29 Points Posted on 10 June 2021

what is the base for a professional judgement to determine as to whether an asset that contain tangible and intangible element is to be treated as intangible or PPE ?

Replies (2)

Quick Summary

This discussion clarifies the criteria for classifying assets with both tangible and intangible elements under IND AS 38. It explains that intangible assets, like trademarks and goodwill, lack physical substance and cannot be seen or touched. Conversely, Property, Plant, and Equipment (PPE) have a physical form, such as buildings or machinery.

prasad Nilugal

2353 Points Posted on 10 June 2021

As per Ind As 38 an Intangible Assets means , it has not any physical substance means can not seen or tuch , example Trademarks , Goodwill etc
Tangible assets ( PPE) can be seen , tuch for example Building , Plant and Machinery , Furniture etc .
So element is an Intangible Assets you can not see or tuch no physical existence .

CA. Sourav Sarkar

Chartered Accountant

16188 Points Posted on 10 June 2021

Intangible assets are those assets which are not physical existence means which have no physical appearance but appear in the balance sheet that should be Goodwill or patent etc.