Brands as intangible assets?

Question

As per IAS 38 . . . .

 63 Internally generated brands, mastheads, publishing titles, customer lists and items similar in substance shall not be recognised as intangible assets.

 64 Expenditure on internally generated brands, mastheads, publishing titles, customer lists and items similar in substance cannot be distinguished from the cost of developing the business as a whole. Therefore, such items are not recognised as intangible assets.

 I checked some Business reports and some companys counting brands, customer list as intangible assets. How is that possible when they cant be recognised as intangible assets?

Answer 1

Are you referring to statutory financial statements prepared in line with IFRS?

For management accounts, reports, etc. company can include any such assets but not in statutory financial statements.

Comments

Hi thanks fo your answer,
I was looking for financial business reports from companys with IFRS for example RIB AG. They count brands, customer list as a intangible assets, which I do not understand. As I know you cannot recognise them as a intangible assets.