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IAS 16 / IAS 38 / IAS 40 VS NAS (National Accounting Standards) – Long-Term Tangible and Intangible Assets
| Criterion | IAS 16
Property, Plant and Equipment |
IAS 38
Intangible Assets |
IAS 40
Investment Property |
NAS: Long-Term Tangible and Intangible Assets |
| Scope | Tangible assets used in operational activities | Identifiable intangible assets (patents, software) | Land/buildings held for income generation | Tangible and intangible assets under a single standard |
| Clear asset classification | Yes – only long-term tangible assets | Yes – only long-term intangible assets | Yes – only investment property | No – all assets are considered as a whole under one standard |
| Initial recognition | Cost: purchase price + directly attributable costs | Same approach, but stricter (control, identifiability) | Same approach | Same approach – acquisition cost and related direct expenses |
| Subsequent measurement | Cost model or revaluation model | Cost model (rare revaluation) | Fair value model or cost model | Cost model or revaluation model |
| Depreciation | Based on estimated useful life | Yes – if useful life is defined; No – if indefinite → impairment test | Yes – if cost model is used; No – if fair value model | Yes – based on estimated useful life |
| Revaluation | Permitted and systematic | Permitted, but rarely used | Required if fair value model is applied | Permitted systematically |
| Impairment test | If there are impairment indicators, IAS 36 applies | Mandatory annually for intangible assets with indefinite useful life | Not required if asset is measured at fair value | Only if there are impairment indicators (per NAS on Impairment) |
| Balance sheet presentation | Yes – separate line items + detailed notes | Yes – separate note for intangible assets | Yes – separate line item: Investment Property | No – structured by lines (010, 020, 030, etc.) |
| Accounting policy and estimates | Flexible: depreciation methods, useful life | Same approach | Same approach | Flexible: depreciation methods, estimated duration |
| Disclosures | Mandatory and detailed | Same approach | Same approach | Explanatory notes as per minimum legal requirements |
SIMILARITIES BETWEEN IAS 16 / IAS 38 / IAS 40 AND NAS (Long-Term Assets)
| Indicator | Description |
| Initial recognition | An asset is recognized if future economic benefits are probable and cost is measurable |
| Initial cost | All directly related costs (transportation, installation, taxes) are included in the initial value |
| Depreciation | Applicable to all commissioned assets using selected method over useful life |
| Subsequent costs | Capitalized if they enhance the asset; otherwise, expensed |
| Derecognition | Recognition ends at sale/disposal; the difference is reflected in profit/loss |
KEY DIFFERENCES BETWEEN IAS AND NAS (Long-Term Assets)
| Indicator | IAS | NAS (Long-Term Assets) |
| Asset type separation | IAS 16, 38, and 40 are separate standards | One unified standard for all mentioned assets |
| Asset revaluation | Allowed under IAS 16, 38 or required under IAS 40 | Possible without impact on profit/loss if revaluation method is chosen in policy |
| Recognition of fair value in P&L | IAS 40 allows recognition in profit or loss | NAS does not allow recognizing revaluation in P&L |
| Flexibility in depreciation methods | Allows alternative methods (units of production, declining balance), and others from financial management | Allows similar methods per NAS |
| Disclosure requirements | Detailed, transparency-focused (notes + policies + explanations) | Limited to balance sheet format and appendices to financial statements |
PRACTICAL AND UNIQUE SCENARIOS
| Situation | Applies to | Example |
| Building rented out → annual fair value revaluation | IAS 40 | Building cost: 1,000,000 MDL
Fair value: 1,200,000 MDL Profit recognized: 200,000 MDL |
| Equipment revaluation after 3 years → increase in value | IAS 16 | Carrying amount: 200,000 MDL
Revalued amount: 250,000 MDL Revaluation reserve: 50,000 MDL |
| Software with indefinite useful life → annual impairment testing
|
IAS 38 | Internally developed software with indefinite life → annual impairment test required |
| Periodic revaluation every 5–10 years | NAS (Long-Term Assets) | Building revalued in 2022, without requirement for systematic reassessment |
| Presentation in the balance sheet by individual lines | NAS (Long-Term Assets) | Line 010 = land,
Line 020 = buildings, Line 030 = equipment (per national chart of accounts) |