The value of an intangible asset is a function of the rights or privileges that its ownership conveys to the business entity. The recognition and measurement of intangibles such as brand names is problematic because many brands are internally generated. This chapter addresses the recognition and measurement criteria for identifiable intangibles. The standard on impairment of assets (IAS 36) pertains to both tangible and intangible long-lived assets. The chapter considers the implications of this standard for the accounting for intangible, separately identifiable assets. IAS 38 also does not apply to intangible assets arising in insurance companies from contracts with policyholders within the scope of IFRS 4, nor to exploration and evaluation assets in the extractive industries subject to IFRS 6, nor to intangible assets classified as held-for-sale under IFRS 5. The conditions under which the intangible asset has been acquired will determine the measurement of its cost.