IAS 38 states that intangible assets:

Question

Quizplus · Accepted Answer

IAS 38 allows for intangible assets to be measured by either the cost model, where they are recorded at their original cost less any accumulated amortization and impairment, or the revaluation model, where they are measured at their fair value as assessed by a licensed valuer. Option A is incorrect, as intangible assets may be revalued under certain circumstances, and they are amortized over their useful lives. Option B is incorrect, as the presence of an active market is not a requirement for revaluation. Option C is incorrect, as revaluation can be done using the fair value ascertained by the company itself, provided it can be supported by available evidence.

IAS 38 States That Intangible Assets