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Answered Same Day May 07, 2022

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Khushboo answered on May 07 2022

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Accounting provisions related to the acquisition of assets and revaluation of intangible assets:
Regarding the acquisition of intangible assets under AASB 138, intangible assets are recorded at cost at the time of acquisition. The cost of assets includes the purchase price of the asset including non-refundable taxes and all other costs directly attributable to preparing the assets for their intended use.
An entity can choose either the cost model or revaluation model for subsequent recognition of a trademark. Under the revaluation model, the assets are recorded at fair value less accumulated amortization and accumulated impairment losses. The fair value of the trademark shall be measured by refe
ing active market (Mouritsen, J., Bukh P. N., and Larsen H.T., 2000). If there is no active market exists for intangible assets then the assets should be revalued at cost less accumulated amortization and depreciation. The increase in ca
ying value of intangible assets should be recognized in OCI and if there was any previously revaluation loss recognized then to that extent it should be recognized in the profit and loss account. If the value of assets is...

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