CMA Final · Corporate Financial Reporting · Intangible Assets (Ind AS 38)
Ind AS 38 does not apply to intangible assets held by Vistara Licences Ltd for sale in the ordinary course of business. Which standards govern such assets, as referred to in the Ind AS 38 web site Appendix?
Intangible assets held for sale in the ordinary course of business are outside Ind AS 38 and are dealt with under Ind AS 2 and Ind AS 115. Leases of intangible assets are accounted for under Ind AS 116.
- AInd AS 2 and Ind AS 115Correct
- BInd AS 16 and Ind AS 36
- CInd AS 40 and Ind AS 105
- DInd AS 8 and Ind AS 10
Explanation
The text states Ind AS 38 does not apply to intangible assets held for sale in the ordinary course of business and refers to Ind AS 2 and Ind AS 115. Leases of intangibles fall under Ind AS 116. The other pairs are not referred to.
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