How to Recognize and Measure Intangible Assets Under TAS 38 Effectively
Introduction Today, in the highly competitive business world, many times the business’s intangible assets are worth more than its tangible assets. Trademarks, brand reputation, software and other forms of intellectual property can be instrumental to a company’s financial stability and success in the long run. The Thai Accounting Standard tas 38 is an important standard that companies need to consider the principle of recognition, measurement, and presentation of intangible assets in the financial statement. Knowing how to utilize tas 38 can help management with the accuracy of reporting, the improved quality of decision making and compliance with accounting regulations. What Does TAS 38 Intangible Assets Mean? During 1999 a new accounting standard was introduced, tas 38 , that defines intangible asset as an identifiable non-monetary asset without physical substance. They are intangible assets because you cannot hold or feel these assets; however, they can have future economic v...