AASB 138 states that intangible assets:

Question

Quizplus · Accepted Answer

AASB 138 allows intangible assets to be measured using either the cost model or the revaluation model. The cost model involves measuring the asset at cost less any accumulated amortization and impairment losses, while the revaluation model involves measuring the asset at fair value less any subsequent accumulated depreciation and impairment losses. Therefore, option D is the correct answer. Option A is incorrect because AASB 138 allows intangible assets to be revalued if there is an active market for them. Option B is incorrect because AASB 138 allows both internally generated and acquired intangible assets to be revalued. Option C is incorrect because AASB 138 does not require a licensed valuer to assess the fair value of intangible assets.

AASB 138 States That Intangible Assets