Limitations include:
1. The definition of an intangible asset - particularly the criterion of "separability". Requiring separability means that potential assets such as human resources, reputation, customer relationships labour relations and the "meaning our job conveys to society" cannot be recognised as intangible assets.
2. The restrictions in paragraph 63 of AASB 138/IAS 38 on recognition of internally generated brands, mastheads, publishing titles, customer lists and items similar in substance.
3. The requirement to have an active market in order to be able to apply the revaluation method. AASB 138/IAS 38 allows intangible assets acquired in a business combination to be able to be measured at fair value without there being an active market. Why not just allow AASB 13 Fair Value Measurement to apply.
4. The criteria in paragraph 57 of AASB 138/IAS 38 in relation to internally generated intangibles - again why not allow fair value to be used as an upper limit on capitalisation of cost?

Recognition of intangible assets The latest annual report of Media Street Ltd states that the principal activities of the group are 'the production and broadcasting of television programs, local and national radio production and broadcasting, the sale of advertising airtime and space in these media'.
In the statement of financial position of Media Street Ltd, although goodwill is recognised, no intangible assets are identified.
Required 1. List intangible assets that Media Street Ltd is likely to own and state the arguments for and against capitalising each in the statement of financial position.
2. Explain why the statement of financial position excludes some assets that could have been separately identified.