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AASB Survey: Is there a gap in the information provided to users of financial statements in relation to Intangible Assets?


AASB staff is undertaking research to determine:

• whether there is a gap between the information needs of users of financial statements and the information currently required to be included in financial statements about intangible assets by Australian Accounting Standards, particularly AASB 138 Intangible Assets (which incorporates IAS 38 of the same name); and

• if so, how to fill that gap through amendments to AASB 138/IAS 38, whether in the form of recognition/measurement requirements or disclosure requirements.

We are currently asking Australian constituents to contribute to this research by completing one of the following surveys:

User Survey: for users of financial statements (whether in the for-profit, not-for-profit, private or public sectors)

Preparer Survey: for preparers of financial statements (whether in the for-profit, not-for-profit, private or public sectors): this survey will be issued in due course.

Key Points

• The research is particularly focused on internally generated intangible assets that are currently not permitted to be recognised, and recognised intangible assets that cannot be revalued unless there is an active market.

• Findings will assist the AASB in its deliberations and will be used as input to the AASB’s submission to the IASB Third Agenda Consultation.

• A final Report to be published later this year, to contribute to the international debate.

*Updated 4 April 2021