Please ,the cost of generating an intangible asset internally is often difficult to distinguish from the cost of maintaining or enhancing the entity’s operations or goodwill. For this reason, internally generated brands, mastheads, publishing titles, customer lists, and similar items are not recognised as intangible assets. The costs of generating other internally generated intangible assets are classified into whether they arise in a research phase or a development phase. Research expenditure is recognised as an expense. Development expenditure that meets specified criteria is recognised as the cost of an intangible asset. I got confused giving Customer List as an example of intangible assets ... Can you please help me understand better. Thanks
How can customer loyalty be recognised as intangible assets under IAS 38.. because the entity can not control the actions of its customers which is against recognition criteria under IAS 38