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Compared to IFRS 
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• Intangible assets within the scope of another standard
 

• Financial assets, as per AASB 132
 

• Exploration and evaluation assets, as per AASB 6
 

• Expenditure on development and extraction of minerals, oil and related resources.

• Definitions include active market, asset, cost, fair value and useful life.
 

• An intangible asset is an identifiable non-monetary asset without physical substance.
 

• The identifiability criteria for an intangible asset is satisfied if it:
• Is capable of being separated and sold, transferred, licenced, rented or exchanged either individually or together with another asset; or
 

• Arises from contractual or other legal rights.

• Initial recognition as an asset, whether purchased or self-created, when and only when:
• it is probable that the future economic benefits that are attributable to the asset will flow to the entity, and
 

• the cost of the asset can be measured reliably.
• Initial measurement is at cost, including any directly attributable costs, such as:
• Direct employee benefit costs and professional fees incurred to bring the asset to its working condition
 

• Costs of testing whether the asset is functioning properly.
• Intangible assets, including in-process research and development (IPR&D), acquired in a business combination must be recognised separately from goodwill if they arise as a result of contractual or legal rights or are separable from the business.
 

• Internally-generated goodwill, brands, mastheads, publishing titles, customer lists, and items similar in substance must not be recognised as intangible assets.
 

• Research costs must be expensed when incurred.
 

• Development costs are recognised as an asset only if certain criteria can be demonstrated including:
• the technical feasibility of completing the intangible asset so that it will be available for use or sale
 

• ability to use or sell the intangible asset
 

• the availability of adequate technical, financial and other resources to complete the development and use or sell the intangible asset.
• The cost of internally generated intangible assets recognised must not include start-up costs, training costs, advertising costs, and relocation costs.

• Cost model - at cost less any accumulated amortisation and any accumulated impairment losses; or
 

• Revaluation model –revalued amount at date of revaluation less any accumulated amortisation and any accumulated impairment losses for each intangible asset within the class. Fair value is determined with reference to an active market. Revaluation increases are credited directly to a revaluation reserve and revaluation decreases are recognised in the profit or loss except where they represent a reversal of prior revaluation for the same item.
 

• In the case of not-for-profit entities using the Revaluation model, revaluations are performed on a class basis rather than item-by-item with the net revaluation increment or decrement for the class brought to account.

• An assessment is required to determine whether the life of an intangible asset is finite or indefinite.
 

• An indefinite useful life is appropriate when after consideration of all relevant factors, there does not appear to be a limit to the period over which the asset is expected to generate net cash inflows for the entity.
 

• For intangible assets arising from contractual rights, the useful life cannot exceed the contract term, but can be shorter, depending on when benefits are expected. If the contract can be renewed, the useful life includes the renewal period only if there is evidence to support the renewal without significant cost.

• Amortise over useful life.
 

• The residual value of an intangible asset with a finite life is assumed to be zero, unless there is a commitment by a third part to purchase the asset at the end of its useful life or there is an active market for the asset.
 

• The amortisation period and amortisation method for intangible assets with finite lives is to be reviewed at least at the end of each reporting period.

• Intangible assets with indefinite useful lives must not be amortised, but must be tested for impairment in accordance with AASB 136.
 

• The useful life of an intangible asset that is not being amortised is to be reviewed each period to ensure that the indefinite useful life assessment continues to be appropriate.

• An intangible asset must be derecognised on disposal or when no future economic benefits are expected from its use or disposal.
 

• The gain or loss on derecognition is the difference between the net disposal proceeds and the carrying amount. Any gains must not be recognised as revenue (ie gains are recognised as income).

• Whether useful lives are finite or indefinite, and if finite, the amortisation rates or useful lives used
 

• Amortisation methods used for finite lived intangible assets
 

• Gross carrying amount and any accumulated amortisation (aggregated with impairment losses) at start and end of period
 

• The income statement line item that includes the amortisation expense
 

• A reconciliation of the carrying amount at start and end of period

• Reasons for assessing an intangible asset as having an indefinite useful life
 

• A description, the carrying amount and remaining amortisation period for any material individual intangible asset
 

• Information about intangible assets acquired by government grant
 

• Information about any restrictions on the titles of the intangible assets and any pledged as security for liabilities
 

• Amount of contractual commitments for the acquisition of intangible assets
 

• Information about intangible assets accounted for using the revaluation model
 

• Aggregate amount of research and development expenditure recognised as an expense.