AS-26 (Intangible Assets) is the accounting standard applicable for recognizing intangible assets.
This standard deals with the accounting treatment of intangible assets such as:
- Patents
- Trademarks
- Copyrights
- Goodwill
- Computer Software
- Licenses and Franchises
AS-26 prescribes the criteria for recognition, measurement methods, and disclosure requirements for intangible assets. An intangible asset can be recognized only when it is identifiable, the enterprise has control over it, and it is expected to generate future economic benefits.
The other options cover different areas:
- AS-1 deals with Disclosure of Accounting Policies
- AS-25 deals with Interim Financial Reporting
- AS-32 deals with Financial Instruments: Presentation