In the IASB's Third Agenda Consultation (2021-2026 period), the IASB's stakeholders highlighted deficiencies in the reporting of intangible assets. Respondents raised matters relating to all aspects of IAS 38 Intangible Assets, including its scope, its recognition and measurement requirements (including the difference in the accounting for acquired and internally generated intangible assets), and the adequacy of the information companies are required to disclose about intangible assets.

Previously, in August 2018, following the input received from constituents in response to the EFRAG Research Agenda Consultation, the EFRAG Board decided to add a​​ research project on better information on intangibles to its research agenda and published after extensive outreach in August 2021 a Discussion Paper Better Information on Intangibles - Which is the bet way to go?. In April 2023 EFRAG published its Recommendations and Feedback Statement on the project.

In response to the feedback received from a wide range of stakeholders, the IASB has started a project to comprehensively review the accounting requirements for intangibles. The project will assess whether the requirements of IAS 38 remain relevant and continue to fairly reflect current business models or whether the IASB should improve the requirements.

Initial research will seek to define the scope of the project and explore how best to stage work on this topic to produce timely improvements to IFRS Accounting Standards. The IASB will also consider whether the project should be limited to accounting for and disclosing information about financial statement elements or whether the project should aim to address intangible items more broadly.