AASB-138 Intangible Assets

AASB when expanded refers to Australian Accounting Standards Board is an Australian Government Agency that develops and maintains financial reporting standards, which are applicable to the entities in public and private sectors of the Australian Economy. AASB helps in the development of global financial reporting standards and alleviates the participation of the community in standards setting. Accounting standards are set by the AASB which is an independent government agency. AASB was formed in 1991 with jurisdiction of Commonwealth of Australia. The AASB is responsible for making Australian Accounting Standards. The AASB made Accounting standard AASB 138 Intangible Assets under section 334 of the Corporations Act 2001 on 15th July 2004.

ASSETS: