Question

Which Accounting Standard (AS) defines an intangible asset, as an identifiable, non-monetary, without physical existence and held for use in the production or supply of goods or services for rental to others or for administrative purposes?

• A. AS 26
• B. AS 27
• C. AS 28
• D. AS 29

Hint:

Think of the standard titled "Intangible Assets". Goodwill, patents and trademarks come under it.

Answer 1

The Correct Option is A

Step 1: Read the key words in the definition.
The words "identifiable", "non-monetary" and "without physical existence" describe assets like goodwill, patents and brand names. The matching topic is intangible assets.

Step 2: Link each option to its topic.
I will pair each standard with its subject. AS 26 is Intangible Assets. AS 27 is Joint Ventures. AS 28 is Impairment of Assets. AS 29 is Provisions and Contingent Liabilities.

Step 3: Match the definition.
Only one subject in the list talks about assets that cannot be touched. That is AS 26, so it is the standard that gives this definition.

Step 4: Rule out the rest.
AS 27, AS 28 and AS 29 are about joint ventures, impairment loss and provisions. None of them defines an intangible asset.

Step 5: State the result.
The definition belongs to AS 26.
\[ \boxed{\text{AS 26}} \]

Final Answer:
The definition is given in AS 26 (Intangible Assets).