specify the Australian and international regulatory framework and key disclosure aspects of identifiable intangibles.

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S 38: Intangible Assets
IAS 38, Intangible Assets, was approved by the IASC Board in July 1998 and became operative for annual financial statements covering periods beginning on or after 1 July 1999.

IAS 38 supersedes:
· IAS 4, Depreciation Accounting, with respect to the amortisation (depreciation) of intangible assets; and
· IAS 9, Research and Development Costs.
In 1998, IAS 39: Financial Instruments: Recognition and Measurement, amended a paragraph of IAS 38 to replace the reference to IAS 25, Accounting for Investments, by reference to IAS 39.

One SIC Interpretation relates to IAS 38:
· SIC 6: Costs of Modifying Existing Software.

Summary of IAS 38
IAS 38 applies to all intangible assets that are not specifically dealt with in other International Accounting Standards. It applies, among other things, to expenditures on:
· advertising,
· training,
· start-up, and
· research a...