Document ID: chunk:federal_register_of_legislation:F2023C00425:body:0:p3
Version: federal_register_of_legislation:F2023C00425
Segment Type: other
Provision Reference: 
Character Range: 5896–8879

Objective
1 The objective of this Standard is to prescribe the accounting treatment for intangible assets that are not dealt with specifically in another Standard. This Standard requires an entity to recognise 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.

Scope
2 This Standard shall be applied in accounting for intangible assets, except:
(a) intangible assets that are within the scope of another Standard;
(b) financial assets, as defined in AASB 132 Financial Instruments: Presentation;
(c) the recognition and measurement of exploration and evaluation assets (see AASB 6 Exploration for and Evaluation of Mineral Resources); and
(d) expenditure on the development and extraction of minerals, oil, natural gas and similar non-regenerative resources.
3 If another Standard prescribes the accounting for a specific type of intangible asset, an entity applies that Standard instead of this Standard. For example, this Standard does not apply to:
(a) intangible assets held by an entity for sale in the ordinary course of business (see AASB 102 Inventories).
(b) deferred tax assets (see AASB 112 Income Taxes).
(c) leases of intangible assets accounted for in accordance with AASB 16 Leases.
(d) assets arising from employee benefits (see AASB 119 Employee Benefits).
(e) financial assets as defined in AASB 132. The recognition and measurement of some financial assets are covered by AASB 10 Consolidated Financial Statements, AASB 127 Separate Financial Statements and AASB 128 Investments in Associates and Joint Ventures.
(f) goodwill acquired in a business combination (see AASB 3 Business Combinations).
(g) contracts within the scope of AASB 17 Insurance Contracts and any assets for insurance acquisition cash flows as defined in AASB 17.
(h) non-current intangible assets classified as held for sale (or included in a disposal group that is classified as held for sale) in accordance with AASB 5 Non-current Assets Held for Sale and Discontinued Operations.
(i) assets arising from contracts with customers that are recognised in accordance with AASB 15 Revenue from Contracts with Customers.
Aus3.1 This Standard does not apply to intangible assets recognised as service concession assets in accordance with AASB 1059 Service Concession Arrangements: Grantors, except as set out in that Standard.
Aus3.2 Further to paragraph 3, public sector entities shall not apply this Standard to deferred acquisition costs, and intangible assets, arising from an insurer's contractual rights under insurance contracts within the scope of AASB 4 Insurance Contracts. AASB 4 sets out specific disclosure requirements for those deferred acquisition costs but not for those intangible assets. Therefore, the disclosure requirements in this Standard apply to those intangible assets.
4 Some intangible assets may be contained