IPSAS Explained: A Summary of International Public Sector Accounting Standards, 2nd Edition

IPSAS 31: Intangible Assets

Objective

The objective of IPSAS 31 is to prescribe the accounting treatment for intangible assets that are not dealt with specifically in any other IPSAS. It requires an entity to recognize an intangible asset if, and only if, specified criteria are met. The Standard also specifies how to measure the carrying amount of intangible assets and requires specified disclosures about intangible assets.

The IFRS on which the IPSAS is based

IAS 38, Intangible Assets

Content

Principal definitions

Amortization is the systematic allocation of the depreciable amount of an intangible asset over its useful life.

Development is the application of research findings or other knowledge to a plan or design for the production of new or substantially improved materials, devices, products, processes, systems or services before the start of commercial production or use.

Depreciable amount is the cost of an asset, or other amount substituted for cost, less its residual value.

Development is the application of research findings or other knowledge to a plan or design for the production of new or substantially improved materials, devices, products, processes, systems or services before the start of commercial production or use.

An impairment loss is the amount by which the carrying amount of an asset exceeds its recoverable amount.

An intangible asset is an identifiable non-monetary asset without physical substance. Typical examples of intangible assets in the public sector are ...