BC6 Under the Standard, as under the previous version of IAS 38, a non‑monetary asset without physical substance must be identifiable to meet the definition of an intangible asset. The previous version of IAS 38 did not define ‘identifiability’, but stated that an intangible asset could be distinguished from goodwill if the asset was separable, but that separability was not a necessary condition for identifiability. The revised Standard requires an asset to be treated as meeting the identifiability criterion in the definition of an intangible asset when it is separable, or when it arises from contractual or other legal rights, regardless of whether those rights are transferable or separable from the entity or from other rights and obligations.