AASB 138 states that intangible assets:

Question

Quizplus · Accepted Answer

AASB 138 allows intangible assets to be measured using either the cost model or the revaluation model. The cost model involves assessing the asset at its cost less any accumulated amortisation and impairment losses. The revaluation model involves measuring the asset at its fair value at the revaluation date, less any subsequent accumulated amortisation and impairment losses. The revaluation model can only be used if there is an active market for the asset, which is not limited to internally generated assets.

AASB 138 States That Intangible Assets