What is NAS No. 7?
Also known as: Intangible Assets
NAS No. 7 “Intangible Assets” sets the procedure for accounting for intangible assets and presenting them in the financial statements. Under the standard, for an asset to be recognized as an intangible asset, the cost of one unit at the time of acquisition must be at least 50 times the base calculation amount (BCA); the head of the organization may set a lower threshold. For foreign readers: broadly corresponds to IAS 38 “Intangible Assets”. Approved by Order No. 134 of the Minister of Economy and Finance dated 14 June 2024 (registered with the Ministry of Justice on 09.08.2024, No. 3547).