International Accounting Standard IAS 38: Intangible Assets

Article Abstract:

The International Accounting Standards Committee's (IASC) International Accounting Standard No 38, 'Intangible Assets,' provides guidance on the accounting of intangible assets that are not covered by other IASC standards. it prescribes the recognition of intangible assets only if certain conditions are satisfied. All companies should apply IAS 38 in accounting for intangible assets except those that are covered by another IAS and those resulting from contracts with policyholders in the case of insurance companies. Also exempt are financial assets that fit the definition contained in IAS 32, 'Financial Instruments: Disclosure and Presentation,' as well as mineral rights and mineral exploration, development and extraction expenditure.

Accounting and auditing, International Accounting Standards Board, Intangible property, Intangible assets

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Setting a good example: the Romanians are adopting a model approach to international accounting standards

Article Abstract:

Romania's proposed plan for adopting international accounting standards as it changes from a communist to capitalist country is discussed.

Economic policy, Romania

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