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INTANGIBLE ASSETS
Table of Contents
PAG
Number
BACKGROUND
INTRODUCTION TO THE IPSAS 31
PHILIPPINE APPLICATION GUIDANCE TO IPSAS 31
Scope
Subsequent Measurement
Effective Date
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Background
This Philippine Public Sector Accounting Standard (PPSAS) 31 consists of
International Public Sector Accounting Standard (IPSAS) 31, Intangible
Assets, and the Philippine Application Guidance (PAG) prepared to suit the
Philippine public sector situation.
The IPSAS 31 was issued in January 2010 by the International Public Sector
Accounting Standards Board (IPSASB) of the International Federation of
Accountants (IFAC). This includes amendments resulting from IPSASs issued
up to January 15, 2012.
The PAG (in italics) provides supplementary guidance on the proper
implementation of
IPSAS 31.
Introduction to the IPSAS 31
IPSAS 31 prescribes the accounting treatment for intangible assets that are
not dealt with specifically in another Standard. It prescribes the principle for
its recognition and measurement as well as its disclosure requirements.
Philippine Application Guidance to IPSAS 31
Scope
PAG1.Paragraph 4 deals with the applicability of this Standard to all public
sector entities other than Government Business Enterprises (GBEs).
GBE is an entity that has all the following characteristics: (a) Is an
entity with the power to contract in its own name; (b) Has been
assigned the financial and operational authority to carry on a business;
(c) Sells goods and services, in the normal course of its business, to
other entities at a profit or full cost recovery; (d) Is not reliant on
continuing government funding to be a going concern (other than
purchases of outputs at arms length); and (e) Is controlled by a public
sector entity.
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Subsequent Measurement
PAG2.Paragraph 71 of the standard allows a choice of accounting models for
measurement of intangible asset subsequent to acquisition:
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