BC15 In accordance with the Standard, as with the previous version of IAS 38, an intangible asset is recognised if, and only if:

(a) it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity; and

(b) the cost of the asset can be measured reliably.

In revising IAS 38 the Board considered the application of these recognition criteria to intangible assets acquired in business combinations. The Board’s deliberations on this issue are set out in paragraphs BC16-BC25.