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TMI BlogIntangible AssetsX X X X Extracts X X X X X X X X Extracts X X X X ..... nditure on the development and extraction of minerals, oil, natural gas and similar non-regenerative resources. 3 If another Standard prescribes the accounting for a specific type of intangible asset, an entity applies that Standard instead of this Standard. For example, this Standard does not apply to: 8 [(a) intangible assets held by an entity for sale in the ordinary course of business (see Ind AS 2, Inventories ).] (b) deferred tax assets (see Ind AS 12, Income Taxes). 20 [ (c) leases of intangible assets accounted for in accordance with Ind AS 116, Leases. ] (d) assets arising from employee benefits (see Ind AS 19, Employee Benefits). (e) financial assets as defined in Ind AS 32. The recognition and measurement of some financial assets are covered by Ind AS 110, Consolidated Financial Statements, Ind AS 27, Separate Financial Statements, and Ind AS 28, Investments in Associates and Joint Ventures. (f) goodwill acquired in a business combination (see Ind AS 103, Business Combinations). 28 [ (g) contracts within the scope of Ind AS 117, Insurance Contracts, and any assets for insurance acquisition cash flows as defined in Ind AS 117. ] (h) non-current intangible assets classifie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tangible assets used (such as computer software), and other expenditure incurred (such as start-up costs), in extractive industries or by insurers. 7AA The amortisation method specified in this Standard does not apply to an entity that opts to amortise the intangible assets arising from service concession arrangements in respect of toll roads recognised in the financial statements for the period ending immediately before the beginning of the first Ind AS reporting period as per the exception given in paragraph D22 of Appendix D to Ind AS 101. Definitions 8 The following terms are used in this Standard with the meanings specified: Amortisation is the systematic allocation of the depreciable amount of an intangible asset over its useful life. An asset* is a resource: (a) controlled by an entity as a result of past events; and (b) from which future economic benefits are expected to flow to the entity. Carrying amount is the amount at which an asset is recognised in the balance sheet after deducting any accumulated amortisation and accumulated impairment losses thereon. Cost is the amount of cash or cash equivalents paid or the fair value of other consideration given to acquire an asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dings are computer software, patents, copyrights, motion picture films, customer lists, mortgage servicing rights, fishing licences, import quotas, franchises, customer or supplier relationships, customer loyalty, market share and marketing rights. 10 Not all the items described in paragraph 9 meet the definition of an intangible asset, ie identifiability, control over a resource and existence of future economic benefits. If an item within the scope of this Standard does not meet the definition of an intangible asset, expenditure to acquire it or generate it internally is recognised as an expense when it is incurred. However, if the item is acquired in a business combination, it forms part of the goodwill recognised at the acquisition date (see paragraph 68). Identifiability 11 The definition of an intangible asset requires an intangible asset to be identifiable to distinguish it from goodwill. Goodwill recognised in a business combination is an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognised. The future economic benefits may result from synergy between the id ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r relationships and loyalty, the customers will continue to trade with the entity. However, in the absence of legal rights to protect, or other ways to control, the relationships with customers or the loyalty of the customers to the entity, the entity usually has insufficient control over the expected economic benefits from customer relationships and loyalty for such items (eg portfolio of customers, market shares, customer relationships and customer loyalty) to meet the definition of intangible assets. In the absence of legal rights to protect customer relationships, exchange transactions for the same or similar non-contractual customer relationships (other than as part of a business combination) provide evidence that the entity is nonetheless able to control the expected future economic benefits flowing from the customer relationships. Because such exchange transactions also provide evidence that the customer relationships are separable, those customer relationships meet the definition of an intangible asset. Future economic benefits 17 The future economic benefits flowing from an intangible asset may include revenue from the sale of products or services, cost savings, or other b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... only if: (a) it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity; and (b) the cost of the asset can be measured reliably. 22 An entity shall assess the probability of expected future economic benefits using reasonable and supportable assumptions that represent management s best estimate of the set of economic conditions that will exist over the useful life of the asset. 23 An entity uses judgement to assess the degree of certainty attached to the flow of future economic benefits that are attributable to the use of the asset on the basis of the evidence available at the time of initial recognition, giving greater weight to external evidence. 24 An intangible asset shall be measured initially at cost. Separate acquisition 25 Normally, the price an entity pays to acquire separately an intangible asset will reflect expectations about the probability that the expected future economic benefits embodied in the asset will flow to the entity. In other words, the entity expects there to be an inflow of economic benefits, even if there is uncertainty about the timing or the amount of the inflow. Therefore, the probability recog ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed by management, the income and related expenses of incidental operations are recognised immediately in profit or loss, and included in their respective classifications of income and expense. 32 If payment for an intangible asset is deferred beyond normal credit terms, its cost is the cash price equivalent. The difference between this amount and the total payments is recognised as interest expense over the period of credit unless it is capitalised in accordance with Ind AS 23, Borrowing Costs. Acquisition as part of a business combination 33 In accordance with Ind AS 103, Business Combinations, if an intangible asset is acquired in a business combination, the cost of that intangible asset is its fair value at the acquisition date. The fair value of an intangible asset will reflect market participants expectations at the acquisition date about the probability that the expected future economic benefits embodied in the asset will flow to the entity. In other words, the entity expects there to be an inflow of economic benefits, even if there is uncertainty about the timing or the amount of the inflow. Therefore, the probability recognition criterion in paragraph 21(a) is always consid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on an acquired in-process research and development project 42 Research or development expenditure that: (a) relates to an in-process research or development project acquired separately or in a business combination and recognised as an intangible asset; and (b) is incurred after the acquisition of that project shall be accounted for in accordance with paragraphs 54 62. 43 Applying the requirements in paragraphs 54 62 means that subsequent expenditure on an in-process research or development project acquired separately or in a business combination and recognised as an intangible asset is: (a) recognised as an expense when incurred if it is research expenditure; (b) recognised as an expense when incurred if it is development expenditure that does not satisfy the criteria for recognition as an intangible asset in paragraph 57; and (c) added to the carrying amount of the acquired in-process research or development project if it is development expenditure that satisfies the recognition criteria in paragraph 57. Acquisition by way of a government grant 17 [ 44 In some cases, an intangible asset may be acquired free of charge, or for nominal consideration, by way of a Government grant. Th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sult of these analyses may be clear without an entity having to perform detailed calculations. 47 Paragraph 21(b) specifies that a condition for the recognition of an intangible asset is that the cost of the asset can be measured reliably. The fair value of an intangible asset is reliably measurable if (a) the variability in the range of reasonable fair value measurements is not significant for that asset or (b) the probabilities of the various estimates within the range can be reasonably assessed and used when measuring fair value. If an entity is able to measure reliably the fair value of either the asset received or the asset given up, then the fair value of the asset given up is used to measure cost unless the fair value of the asset received is more clearly evident. Internally generated goodwill 48 Internally generated goodwill shall not be recognised as an asset. 49 In some cases, expenditure is incurred to generate future economic benefits, but it does not result in the creation of an intangible asset that meets the recognition criteria in this Standard. Such expenditure is often described as contributing to internally generated goodwill. Internally generated goodwill is not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n it is incurred. 56 Examples of research activities are: (a) activities aimed at obtaining new knowledge; (b) the search for, evaluation and final selection of, applications of research findings or other knowledge; (c) the search for alternatives for materials, devices, products, processes, systems or services; and (d) the formulation, design, evaluation and final selection of possible alternatives for new or improved materials, devices, products, processes, systems or services. Development phase 57 An intangible asset arising from development (or from the development phase of an internal project) shall be recognised if, and only if, an entity can demonstrate all of the following: (a) the technical feasibility of completing the intangible asset so that it will be available for use or sale. (b) its intention to complete the intangible asset and use or sell it. (c) its ability to use or sell the intangible asset. (d) how the intangible asset will generate probable future economic benefits. Among other things, the entity can demonstrate the existence of a market for the output of the intangible asset or the intangible asset itself or, if it is to be used internally, the usefulness of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ping the business as a whole. Therefore, such items are not recognised as intangible assets. Cost of an internally generated intangible asset 65 The cost of an internally generated intangible asset for the purpose of paragraph 24 is the sum of expenditure incurred from the date when the intangible asset first meets the recognition criteria in paragraphs 21, 22 and 57. Paragraph 71 prohibits reinstatement of expenditure previously recognised as an expense. 66 The cost of an internally generated intangible asset comprises all directly attributable costs necessary to create, produce, and prepare the asset to be capable of operating in the manner intended by management. Examples of directly attributable costs are: (a) costs of materials and services used or consumed in generating the intangible asset; (b) costs of employee benefits (as defined in Ind AS 19) arising from the generation of the intangible asset; (c) fees to register a legal right; and (d) amortisation of patents and licences that are used to generate the intangible asset. Ind AS 23 specifies criteria for the recognition of interest as an element of the cost of an internally generated intangible asset. 67 The following are ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gnition criteria (see paragraphs 18 67); or (b) the item is acquired in a business combination and cannot be recognised as an intangible asset. If this is the case, it forms part of the amount recognised as goodwill at the acquisition date (see Ind AS 103). 69 In some cases, expenditure is incurred to provide future economic benefits to an entity, but no intangible asset or other asset is acquired or created that can be recognised. In the case of the supply of goods, the entity recognises such expenditure as an expense when it has a right to access those goods. In the case of the supply of services, the entity recognises the expenditure as an expense when it receives the services. For example, expenditure on research is recognised as an expense when it is incurred (see paragraph 54), except when it is acquired as part of a business combination. Other examples of expenditure that is recognised as an expense when it is incurred include: (a) expenditure on start-up activities (ie start-up costs), unless this expenditure is included in the cost of an item of property, plant and equipment in accordance with Ind AS 16. Start-up costs may consist of establishment costs such as legal and s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... losses. Revaluation model 75 After initial recognition, an intangible asset shall be carried at a revalued amount, being its fair value at the date of the revaluation less any subsequent accumulated amortisation and any subsequent accumulated impairment losses. For the purpose of revaluations under this Standard, fair value shall be measured by reference to an active market. Revaluations shall be made with such regularity that at the end of the reporting period the carrying amount of the asset does not differ materially from its fair value. 76 The revaluation model does not allow: (a) the revaluation of intangible assets that have not previously been recognised as assets; or (b) the initial recognition of intangible assets at amounts other than cost. 18 [ 77 The revaluation model is applied after an asset has been initially recognised at cost. However, if only part of the cost of an intangible asset is recognised as an asset because the asset did not meet the criteria for recognition until part of the way through the process (see paragraph 65), the revaluation model may be applied to the whole of that asset. Also, the revaluation model may be applied to an intangible asset that wa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... use there is no active market for this asset, the asset shall be carried at its cost less any accumulated amortisation and impairment losses. 82 If the fair value of a revalued intangible asset can no longer be measured by reference to an active market, the carrying amount of the asset shall be its revalued amount at the date of the last revaluation by reference to the active market less any subsequent accumulated amortisation and any subsequent accumulated impairment losses. 83 The fact that an active market no longer exists for a revalued intangible asset may indicate that the asset may be impaired and that it needs to be tested in accordance with Ind AS 36. 84 If the fair value of the asset can be measured by reference to an active market at a subsequent measurement date, the revaluation model is applied from that date. 85 If an intangible asset s carrying amount is increased as a result of a revaluation, the increase shall be recognised in other comprehensive income and accumulated in equity under the heading of revaluation surplus. However, the increase shall be recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously reco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (e) expected actions by competitors or potential competitors; (f) the level of maintenance expenditure required to obtain the expected future economic benefits from the asset and the entity s ability and intention to reach such a level; (g) the period of control over the asset and legal or similar limits on the use of the asset, such as the expiry dates of related leases; and (h) whether the useful life of the asset is dependent on the useful life of other assets of the entity. 91 The term indefinite does not mean infinite . The useful life of an intangible asset reflects only that level of future maintenance expenditure required to maintain the asset at its standard of performance assessed at the time of estimating the asset s useful life, and the entity s ability and intention to reach such a level. A conclusion that the useful life of an intangible asset is indefinite should not depend on planned future expenditure in excess of that required to maintain the asset at that standard of performance. 92 Given the history of rapid changes in technology, computer software and many other intangible assets are susceptible to technological obsolescence. Therefore, it will often be the cas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fits expected to flow to the entity from renewal, the renewal cost represents, in substance, the cost to acquire a new intangible asset at the renewal date. Intangible assets with finite useful lives Amortisation period and amortisation method 97 The depreciable amount of an intangible asset with a finite useful life shall be allocated on a systematic basis over its useful life. Amortisation shall begin when the asset is available for use, ie when it is in the location and condition necessary for it to be capable of operating in the manner intended by management. Amortisation shall cease at the earlier of the date that the asset is classified as held for sale (or included in a disposal group that is classified as held for sale) in accordance with Ind AS 105 and the date that the asset is derecognised. The amortisation method used shall reflect the pattern in which the asset s future economic benefits are expected to be consumed by the entity. If that pattern cannot be determined reliably, the straight-line method shall be used. The amortisation charge for each period shall be recognised in profit or loss unless this or another Standard permits or requires it to be included in the c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent of a revenue threshold, the revenue to be generated can be an appropriate basis for amortisation. For example, an entity could acquire a concession to explore and extract gold from a gold mine. The expiry of the contract might be based on a fixed amount of total revenue to be generated from the extraction (for example, a contract may allow the extraction of gold from the mine until total cumulative revenue from the sale of gold reaches ₹ 2 billion) and not be based on time or on the amount of gold extracted. In another example, the right to operate a toll road could be based on a fixed total amount of revenue to be generated from cumulative tolls charged (for example, a contract could allow operation of the toll road until the cumulative amount of tolls generated from operating the road reaches ₹ 100 million). In the case in which revenue has been established as the predominant limiting factor in the contract for the use of the intangible asset, the revenue that is to be generated might be an appropriate basis for amortising the intangible asset, provided that the contract specifies a fixed total amount of revenue to be generated on which amortisation is to be deter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted pattern of consumption of the future economic benefits embodied in the asset, the amortisation method shall be changed to reflect the changed pattern. Such changes shall be accounted for as changes in accounting estimates in accordance with Ind AS 8. 105 During the life of an intangible asset, it may become apparent that the estimate of its useful life is inappropriate. For example, the recognition of an impairment loss may indicate that the amortisation period needs to be changed. 106 Over time, the pattern of future economic benefits expected to flow to an entity from an intangible asset may change. For example, it may become apparent that a diminishing balance method of amortisation is appropriate rather than a straight 1137 line method. Another example is if use of the rights represented by a licence is deferred pending action on other components of the business plan. In this case, economic benefits that flow from the asset may not be received until later periods. Intangible assets with indefinite useful lives 107 An intangible asset with an indefinite useful life shall not be amortised. 108 In accordance with Ind AS 36, an entity is required to test an intangible asset wit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ordance with the recognition principle in paragraph 21 an entity recognises in the carrying amount of an asset the cost of a replacement for part of an intangible asset, then it derecognises the carrying amount of the replaced part. If it is not practicable for an entity to determine the carrying amount of the replaced part, it may use the cost of the replacement as an indication of what the cost of the replaced part was at the time it was acquired or internally generated. 115A In the case of a reacquired right in a business combination, if the right is subsequently reissued (sold) to a third party, the related carrying amount, if any, shall be used in determining the gain or loss on reissue. 11 [116 The amount of consideration to be included in the gain or loss arising from the derecognition of an intangible asset is determined in accordance with the requirements for determining the transaction price in paragraphs 47-72 of Ind AS 115. Subsequent changes to the estimated amount of the consideration included in the gain or loss shall be accounted for in accordance with the requirements for changes in the transaction price in Ind AS 115.] 117 Amortisation of an intangible asset with ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... service and operating rights; (f) recipes, formulae, models, designs and prototypes; and (g) intangible assets under development. The classes mentioned above are disaggregated (aggregated) into smaller (larger) classes if this results in more relevant information for the users of the financial statements. 120 An entity discloses information on impaired intangible assets in accordance with Ind AS 36 in addition to the information required by paragraph 118(e)(iii) (v). 121 Ind AS 8 requires an entity to disclose the nature and amount of a change in an accounting estimate that has a material effect in the current period or is expected to have a material effect in subsequent periods. Such disclosure may arise from changes in: (a) the assessment of an intangible asset s useful life; (b) the amortisation method; or (c) residual values. 122 An entity shall also disclose: (a) for an intangible asset assessed as having an indefinite useful life, the carrying amount of that asset and the reasons supporting the assessment of an indefinite useful life. In giving these reasons, the entity shall describe the factor(s) that played a significant role in determining that the asset has an indefinite ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re requirement in paragraph 126). Other information 128 An entity is encouraged, but not required, to disclose the following information: (a) a description of any fully amortised intangible asset that is still in use; and (b) a brief description of significant intangible assets controlled by the entity but not recognised as assets because they did not meet the recognition criteria in this Standard or because they were acquired or generated before this standard was effective. 12 [ Transitional provisions and effective date 129 * 130 * 130A * 130B * 130C * 130D * 130E * 130F * 130G * 130H * 130I * 130J * 130K As a consequence of issuance of Ind AS 115, Revenue from Contracts with Customers , paragraphs 3,114,116 and in Appendix A paragraph 6 are amended. An entity shall apply those amendments when it applies Ind AS 115.] 23 [ 130L Ind AS 116 amended paragraphs 3, 6, 113 and 114. An entity shall apply those amendments when it applies Ind AS 116. ] 29 [ 130M Ind AS 117 amended paragraph 3. An entity shall apply that amendment when it applies Ind AS 117 ] Appendix A Intangible Assets-Web Site Costs This appendix is an integral part of the Ind AS. Issue 1 An entity may incur internal exp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f India when the services are received. ] ; 24 [ 6. Ind AS 38 does not apply to intangible assets held by an entity for sale in the ordinary course of business (see Ind AS 2 and Ind AS 115) or leases of intangible assets accounted for in accordance with Ind AS 116. Accordingly, this Appendix does not apply to expenditure on the development or operation of a web site (or web site software) for sale to another entity or that is accounted for in accordance with Ind AS 116. ] Accounting Principles 7 An entity s own web site that arises from development and is for internal or external access is an internally generated intangible asset that is subject to the requirements of Ind AS 38. 8 A web site arising from development shall be recognised as an intangible asset if, and only if, in addition to complying with the general requirements described in paragraph 21 of Ind AS 38 for recognition and initial measurement, an entity can satisfy the requirements in paragraph 57 of Ind AS 38. In particular, an entity may be able to satisfy the requirement to demonstrate how its web site will generate probable future economic benefits in accordance with paragraph 57 (d) of Ind AS 38 when, for example ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e). (c) expenditure incurred in the Content Development stage, to the extent that content is developed to advertise and promote an entity s own products and services (eg digital photographs of products), shall be recognised as an expense when incurred in accordance with paragraph 69(c) of Ind AS 38. For example, when accounting for expenditure on professional services for taking digital photographs of an entity s own products and for enhancing their display, expenditure shall be recognised as an expense as the professional services are received during the process, not when the digital photographs are displayed on the web site. (d) the Operating stage begins once development of a web site is complete. Expenditure incurred in this stage shall be recognised as an expense when it is incurred unless it meets the recognition criteria in paragraph 18 of Ind AS 38. 10 A web site that is recognised as an intangible asset under paragraph 8 of this Appendix shall be measured after initial recognition by applying the requirements of paragraphs 72-87 of Ind AS 38. The best estimate of a web site s useful life should be short. 27 [Effective date Amendments to References to the Conceptual Framewo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is used instead of Statement of financial position and Statement of profit and loss is used instead of Statement of comprehensive income . 4 Paragraph 7AA has been inserted to scope out the entity that opts to amortise the intangible assets arising from service concession arrangements in respect of toll roads recognised in the financial statements for the period ending immediately before the beginning of the first Ind AS reporting period as per the exception given in paragraph D22 of Appendix D to Ind AS 101. 5 Following Paragraph numbers appear as Deleted in IAS 38. In order to maintain consistency with paragraph numbers of IAS 38, the paragraph number have been retained in Ind AS 38. (i) paragraphs 38-41 (ii) paragraph 124(c) 6 Following references to Illustrative Examples which are not integral part of IAS 38 or SIC 32 have not been included in Ind AS 38: (i) Reference to Illustrative Examples in paragraph 89 illustrating the determination of useful life for different intangible assets, and the subsequent accounting for those assets based on the useful life determinations. (ii) Reference in paragraph 9 of SIC 32 to additional guidance provided in examples. ******************** N ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (Part) - Dated 30-3-2016 before it was read as, 2 . Appendix D, Service Concession Arrangements: Disclosures contained in Ind AS 115, Revenue from Contracts with Customers. 8. Substituted vide F. No. 01/01/2009-CL-V(Part VI) Dated 28-03-2018 , w.e.f. 1st day of April, 2018, before it was read as, 1 [(a) intangible assets held by an entity for sale in the ordinary course of business (see Ind AS 2, Inventories, and Ind AS 11, Construction Contracts).] 9. Inserted vide F. No. 01/01/2009-CL-V(Part VI) Dated 28-03-2018 , w.e.f. 1st day of April, 2018 10. Substituted vide F. No. 01/01/2009-CL-V(Part VI) Dated 28-03-2018 , w.e.f. 1st day of April, 2018, before it was read as, 3 [114 The disposal of an intangible asset may occur in a variety of ways (eg by sale, by entering into a finance lease, or by donation). In determining the date of disposal of such an asset, an entity applies the criteria in Ind AS 18, Revenue, for recognising revenue from the sale of goods. Ind AS 17 applies to disposal by a sale and leaseback. ] 11. Substituted vide F. No. 01/01/2009-CL-V(Part VI) Dated 28-03-2018 , w.e.f. 1st day of April, 2018, before it was read as, 4 [116 The consideration receivable on dispos ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rnment transfers or allocates to an entity intangible assets such as airport landing rights, licences to operate radio or television stations, import licences or quotas or rights to access other restricted resources. In accordance with Ind AS 20, Accounting for Government Grants and Disclosure of Government Assistance, an entity recognises both the intangible asset and the grant initially at fair value. 18. Substituted vide Notification No. F. No. 01/01/2009- CL-V (Part VII) dated 20-09-2018 before it was read as 77 The revaluation model is applied after an asset has been initially recognised at cost. However, if only part of the cost of an intangible asset is recognised as an asset because the asset did not meet the criteria for recognition until part of the way through the process (see paragraph 65), the revaluation model may be applied to the whole of that asset. 19. Omitted vide Notification No. F. No. 01/01/2009- CL-V (Part VII) dated 20-09-2018 before it was read as 1 With regard to the acquisition of an intangible asset by way of a government grant, IAS 38, Intangible Assets, provides the option to an entity to recognise both asset and grant initially at fair value or at a n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not apply to expenditure on the development or operation of a web site (or web site software) for sale to another entity. When a web site is leased under an operating lease, the lessor applies this Appendix. When a web site is leased under a finance lease, the lessee applies this Appendix after initial recognition of the leased asset.] 25. Omitted vide NOTIFICATION No. [F. No. 01/01/2009-CL-V-(Part VII)] dated 30-03-2019 w.e.f. 01-04-2019 before it was read as 3. Appendix C, Determining whether an Arrangement contains a Lease, contained in Ind AS 17, Leases. * *The definition of an asset in this Standard is not revised following the revision of the definition of an asset in the Conceptual Framework for Financial Reporting under Indian Accounting Standards issued in 2021 by the Institute of Chartered Accountants of India. ; This footenote was inserted vide NOTIFICATION G.S.R. 419(E), [F. No. 01/01/2009-CL-V (Part. IX)], dated 18-06-2021 26. Substituted vide NOTIFICATION G.S.R. 419(E) [F. No. 01/01/2009-CL-V (Part. IX)], dated 18-06-2021 before it was read as : 5 This Appendix does not apply to expenditure on purchasing, developing, and operating hardware (eg web servers, staging se ..... X X X X Extracts X X X X X X X X Extracts X X X X
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