The correct answer is: C. AS-24.
AS-24 is the Accounting Standard on Intangible Assets. It was issued by the Institute of Chartered Accountants of India (ICAI) in 2004. The standard provides guidance on the accounting for intangible assets, including their recognition, measurement, and disclosure.
Intangible assets are non-monetary assets that lack physical substance. They are identifiable and have the potential to generate future economic benefits. Examples of intangible assets include goodwill, patents, trademarks, and copyrights.
AS-24 requires that intangible assets be recognized when they meet the following criteria:
- The asset is identifiable.
- The asset is controlled by the entity as a result of past events.
- It is probable that future economic benefits associated with the asset will flow to the entity.
- The cost of the asset can be reliably measured.
Intangible assets are measured at cost, less any accumulated amortization and impairment losses. Cost includes the purchase price of the asset, as well as any directly attributable costs of bringing the asset to its working condition for its intended use.
Intangible assets are amortized over their useful lives. The useful life of an intangible asset is the period over which it is expected to generate economic benefits. The useful life of an intangible asset
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