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true or false? companies may not report internally created assets, such as the value of a...

true or false? companies may not report internally created assets, such as the value of a successful marketing campaign, design innovations and a highly motivated work force on their balance sheets

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Ans ; true

IAS -38 INTANGIBLE ASSET

AS per IAS - 38 , intangible asset is an identifiable non- monetory asset without physical substance ,

Asset must be identifiable, asset should be controled by company , generate future economic benifit , cost can be measured and arises from contract or legal rights,

- Internally created asset are not identifiable from entity so they are not shown in balance sheet . All asset cannot be shown in balance sheets , for eg highly motivated work force is a asset for entity but human biengs cannot be measured so it is not an intangible asset

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