Summarizing the Post-Modern Muddled Theories of Neoliberalism...

....with all its' DEI/ ESG WEF Inspired  Cultural-Capital Bells and Whistles yet glosses over Intangible/ Virtual forms of Capital like Intellectual Property and Patents, which represent the overwhelming VALUE basis for Most Modern Tech Internet and "Rentier" Companies Today.

from Google AI:

IAS 38, titled "Intangible Assets," is an International Accounting Standard that lays down the criteria for recognizing, measuring, and disclosing intangible assets in financial statements. 

Key aspects of IAS 38

• Definition: An intangible asset is an identifiable non-monetary asset without physical substance. Examples include software, licenses, trademarks, patents, films, copyrights, and import quotas.
• Identifiability: An asset is considered identifiable if it's separable (can be sold, transferred, licensed) or if it arises from contractual or other legal rights.
• Recognition criteria:
  • It is probable that future economic benefits attributable to the asset will flow to the entity.
  • The cost of the asset can be measured reliably.
• Initial measurement: Intangible assets are initially measured at cost.
• Subsequent measurement:
  • Cost model: Carrying the asset at its initial cost minus any accumulated amortization and impairment losses.
  • Revaluation model: Revaluing the asset to its fair value at the revaluation date, less subsequent amortization and impairment losses (rarely used, as an active market is typically needed).
• Amortization: Intangible assets with a finite useful life are amortized systematically over that life.
• Impairment: Intangible assets (both finite and indefinite useful lives) are subject to impairment testing. An impairment loss is recognized if the carrying amount exceeds the recoverable amount.
• Derecognition: An intangible asset is derecognized on disposal or when no future economic benefits are expected from its use or disposal. 

Exclusions

Certain assets fall outside the scope of IAS 38, including goodwill acquired in a business combination (accounted for under IFRS 3) and internally generated goodwill. 

In essence, IAS 38 helps ensure that the value of a company's intangible assets is reflected accurately in its financial statements, contributing to transparency and better decision-making for investors and other stakeholders.