IFRS Snapshot: IAS 38 Intangible Assets

Category: IFRS

IFRS Snapshot: IAS 38 Intangible Assets


Apply to: Intangible assets = identifiable nonmonetary asset without physical substance (e.g. copyrights, fishing licenses, patents, import quotas, marketing rights etc).

  • Identifiable = separable (i.e., can be divided from entity & sold, transferred, licensed, rented/exchanged, either individually/ together with related contract/ identifiable asset/liability, regardless of entity’s intention) OR arises from contractual/other legal rights, regardless of whether those rights are transferable/separable from entity/other rights & obligations.
  • Asset = resource controlled by entity as result of past events AND from which future economic benefits expected to flow to entity.
  • Control = power to obtain future economic benefits (e.g. revenue from products/ services/cost savings etc) & restrict access of others to those benefits. Normally stems from legal rights enforceable in court of law.

IAS 38 Intangible Assets

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Michelle Balmer

Michelle Balmer CPA, CA

Vice President, Assurance

Michelle Balmer, CPA, CA, is a Senior Assurance Services Partner with MNP. With 14 years of experience in public practice, Michelle helps a broad range of public and privately held companies in a variety of industries. She also works on special projects, including costing studies, benchmarking and best-practice studies, operational analyses, litigation support and due diligence.

As a key member of MNP's Assurance team, Michelle has played an instrumental role in assurance policy development, implementing accounting and assurance standards firm-wide and educating assurance practitioners regarding methodologies and new pronouncements. She also provides technical advice and consultation on accounting and assurance issues, as well as on rules of professional conduct issues, to all MNP practitioners.

Michelle was certified a Chartered Accountant (CA) after obtaining a Bachelor of Commerce degree from the University of Alberta. She has been actively involved with the Institute of Chartered Accountants of Alberta, including the Chartered Accountants School of Business, in an instructional and marketing capacity. An avid volunteer, she has assisted numerous groups such as the Easter Seals of Alberta, Paralympic Sports Association and Junior Achievement of Northern Alberta.