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Ind as 38 intangible asset

Ajith Das (Student) (8 Points)

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 ?

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2 Replies

prasad Nilugal (3924 Points)
Replied 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 .

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CA. Sourav Sarkar (Chartered Accountant ) (24588 Points)
Replied 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.