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of <h1>AS 26 Sets Rules for Recognizing, Measuring, and Disclosing Intangible Assets, Excluding Financial Assets and Goodwill.</h1> Accounting Standard (AS) 26 outlines the accounting treatment for intangible assets not covered by other standards. It mandates recognition of intangible assets if they meet specific criteria, including identifiability, control, and future economic benefits. The standard excludes certain assets like financial assets and goodwill. It details initial measurement at cost and subsequent treatment, including amortization over the asset's useful life, which generally should not exceed ten years. The standard requires disclosures on useful life, amortization methods, and impairment losses. It also addresses internally generated intangible assets, emphasizing the distinction between research and development phases.
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