Mfrs 138 Intangible Assets Disclosure

Amendments with an effective date later than 1 january 2012 mfrs 138 has been amended by.

Mfrs 138 intangible assets disclosure. Frs 138 intangible assets in malaysian companies. Proposed disclosures under rdr version 2 aasb 138 intangible assets vs. Guide to annual financial statements disclosure checklist author. The extent of compliance and voluntary disclosures conference paper pdf available may 2011 with 974 reads how we measure reads.

Ifrs for smes section 18 intangible assets other than goodwill. Disclosure practices of the public listed companies in relation to the malaysian financial reporting standard frs 138 intangible assets. Initial measurement cost trade discount rebates any directly attributable cost of preparing the asset for intended use initial cost. Mfrs 10 consolidated financial statements mfrs 11 joint arrangements mfrs 13 fair value measurement as those amendments.

This study looks into the awareness of the importance of intangible assets in public listed companies on bursa malaysia. Intangible assets are the main growth inducer in a knowledge economy and are becoming more important than the tangible assets. Standard deals generally on intangibles excluding goodwill and including internally generated intangibles classified as research and development. The findings of this study reveal that whilst there is growing concern in nurturing intangible assets for future economic benefits the level of compliance with the malaysian accounting standard financial reporting standard frs 138 is still low compared to other developed.

Intangible assets are identifiable non monetary assets that have no physical substance. Intangible asset how to calculate initial cost. Mfrs 138 1037 malaysian financial reporting standard 138 intangible assets this version includes amendments resulting from mfrss with effective dates no later than 1 january 2012. Kpmg in the uk ifrs subject.

Intangible assets meeting the relevant recognition criteria are initially measured at cost subsequently measured at cost or using the revaluation model and amortised. This disclosure checklist has been updated to take into account mfrs and ic interpretations issued or amended by masb up to 1 november 2019. Unfortunately the criteria and requirements set by frs 138 resulting in many. The mfrs disclosure checklist supports preparers to check the compliance of the december 2019 mfrs financial statements with the mfrs disclosure requirements.

Ias 38 outlines the accounting requirements for intangible assets which are non monetary assets which are without physical substance and identifiable either being separable or arising from contractual or other legal rights.