<Ul> <Li> Prior to 2005 the Australian Accounting Standards Board issued the Statement of Accounting Concepts number 4 (SAC 4). This statement did not provide a formal definition of an intangible asset but did provide that tangibility was not an essential characteristic of asset . </Li> <Li> International Accounting Standards Board standard 38 (IAS 38) defines an intangible asset as: "an identifiable non-monetary asset without physical substance ." This definition is in addition to the standard definition of an asset which requires a past event that has given rise to a resource that the entity controls and from which future economic benefits are expected to flow . Thus, the extra requirement for an intangible asset under IAS 38 is identifiability . This criterion requires that an intangible asset is separable from the entity or that it arises from a contractual or legal right . </Li> <Li> The Financial Accounting Standards Board Accounting Standard Codification 350 (ASC 350) defines an intangible asset as an asset, other than a financial asset, that lacks physical substance . </Li> </Ul> <Li> Prior to 2005 the Australian Accounting Standards Board issued the Statement of Accounting Concepts number 4 (SAC 4). This statement did not provide a formal definition of an intangible asset but did provide that tangibility was not an essential characteristic of asset . </Li> <Li> International Accounting Standards Board standard 38 (IAS 38) defines an intangible asset as: "an identifiable non-monetary asset without physical substance ." This definition is in addition to the standard definition of an asset which requires a past event that has given rise to a resource that the entity controls and from which future economic benefits are expected to flow . Thus, the extra requirement for an intangible asset under IAS 38 is identifiability . This criterion requires that an intangible asset is separable from the entity or that it arises from a contractual or legal right . </Li> <Li> The Financial Accounting Standards Board Accounting Standard Codification 350 (ASC 350) defines an intangible asset as an asset, other than a financial asset, that lacks physical substance . </Li>

As defined by ias 38 how are intangible assets unlike other assets
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