Can the cost of payroll or inventory software (purchased) be treated as an intangible asset and capitalize as per IAS? Please explain in detail.
1 Replies
Sabin Pokharel
(student)
(176 Points)
Replied 11 August 2014
Recognition criteria. IAS 38 requires an entity to recognise an intangible asset, whether purchased or self-created (at cost) if, and only if:
- it is probable that the future economic benefits that are attributable to the asset will flow to the entity; and
- the cost of the asset can be measured reliably.
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