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The objective of Ind AS 38,?Intangible Assets, 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. The Standard states that intangible assets are initially measured at cost, subsequently measured at cost or using the revaluation model, and amortised on a systematic basis over their useful lives unless the asset has an indefinite useful life, in which case it is not amortised but tested for impairment.
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This document is prepared with the help of "Indian Accounting Standards (Ind AS): Disclosures Checklist (Revised November 2022)?", issued by ICAI.
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