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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


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