The report encircles about the use of intangible assets for a company by providing an overview about them. The first report further discusses on the measurement and initial recognition of intangible asset on the basis of International Accounting Standard (IAS) 38 intangible assets. The initial recognition and measurement were found out for the acquired assets which were acquired separately for cash, as a part of business association or internally generated. On the second report four scenarios were analysed which described accounting treatment of three intangible assets that is, licences, patents and brand value. The correct valuation for these assets have been recommended followed by their proper accounting treatment.