• Register
Search Questions / Answers

Welcome to AccountantAnswer Forum, where you can ask questions and receive answers. Although you need not be a member to ask questions or provide answers, we invite you to register an account and be a member of our community for mutual help. You can register with your email or with facebook login in few seconds

Get AccountantAnswer App

How to recognise ISO Certification costs? Intangibles or expenses?

How to account for ISO Certification? Intangibles or expenses?

Kind regards!

asked Feb 25, 2017 in IAS 38 - Intangible Assets by anonymous

1 Answer

0 votes
An intangible asset is an identifiable non-monetary asset without physical substance.

An asset is identifiable if it either:
(a) is separable, ie is capable of being separated or divided from the entity and sold, transferred, licensed, rented or exchanged, either individually or together with a related contract, identifiable asset or liability, regardless of whether the entity intends to do so; or

(b) arises from contractual or other legal rights, regardless of whether those rights are transferable or separable from the entity or from other rights and obligations.

 I don't think ISO Certification cost could get into this definition.
answered Feb 25, 2017 by Tina Level 5 Member (11,560 points)
Why it shouldn't be recognized as intangible asset although it's measured reliable and have future economic benefits