Document ID: chunk:federal_register_of_legislation:F2023C00425:body:0:p2
Version: federal_register_of_legislation:F2023C00425
Segment Type: other
Provision Reference: 
Character Range: 2995–6152

indefinite useful lives 107
Review of useful life assessment 109
Recoverability of the carrying amount—impairment losses 111
Retirements and disposals 112
Disclosure
General 118
Intangible assets measured after recognition using the revaluation model 124
Research and development expenditure 126
Other information 128
Transitional provisions and effective date Aus130.1
Exchanges of similar assets
Early application
Withdrawal of IAS 38 (issued 1998)
Commencement of the legislative instrument
Withdrawal of AASB pronouncements Aus133.2
AppendiX
A  Australian simplified disclosures for Tier 2 entities
ILLUSTRATIVE EXAMPLES
COMPILATION DETAILS
Deleted IAS 38 text

available on the AASB website
Basis for Conclusions on IAS 38

Australian Accounting Standard AASB 138 Intangible Assets (as amended) is set out in paragraphs 1 – Aus133.2 and Appendix A.  All the paragraphs have equal authority.  Paragraphs in bold type state the main principles.  AASB 138 is to be read in the context of other Australian Accounting Standards, including AASB 1048 Interpretation of Standards, which identifies the Australian Accounting Interpretations, and AASB 1057 Application of Australian Accounting Standards.  In the absence of explicit guidance, AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors provides a basis for selecting and applying accounting policies.

Comparison with IAS 38
AASB 138 Intangible Assets as amended incorporates IAS 38 Intangible Assets as issued and amended by the International Accounting Standards Board (IASB).  Australian‑specific paragraphs (which are not included in IAS 38) are identified with the prefix "Aus".  Paragraphs that apply only to not-for-profit entities begin by identifying their limited applicability.

Tier 1
For-profit entities complying with AASB 138 also comply with IAS 38.
Not-for-profit entities' compliance with IAS 38 will depend on whether any "Aus" paragraphs that specifically apply to not-for-profit entities provide additional guidance or contain applicable requirements that are inconsistent with IAS 38.

Tier 2
Entities preparing general purpose financial statements under Australian Accounting Standards – Simplified Disclosures (Tier 2) will not be in compliance with IFRS Standards.
AASB 1053 Application of Tiers of Australian Accounting Standards explains the two tiers of reporting requirements.

Accounting Standard AASB 138

The Australian Accounting Standards Board made Accounting Standard AASB 138 Intangible Assets under section 334 of the Corporations Act 2001 on 14 August 2015.

This compiled version of AASB 138 applies to annual periods beginning on or after 1 January 2023 but before 1 July 2026.  It incorporates relevant amendments contained in other AASB Standards made by the AASB up to and including 15 December 2022 (see Compilation Details).

Accounting Standard AASB 138

Intangible Assets

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