Which Accounting Standard (AS) defines an intangible asset, as an identifiable, non-monetary, without physical existence and held for use in the production or supply of goods or services for rental to others or for administrative purposes?
Which Accounting Standard (AS) defines an intangible asset, as an identifiable, non-monetary, without physical existence and held for use in the production or supply of goods or services for rental to others or for administrative purposes?
Solution
✅ Correct Option: 1
AS 26 deals with Intangible Assets and gives the definition quoted, covering identifiability, non-monetary nature, absence of physical substance and use in operations.
AS 27 covers financial reporting of interests in joint ventures, AS 28 covers impairment of assets, and AS 29 covers provisions, contingent liabilities and contingent assets.
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