What criteria must an intangible asset meet to be identifiable under IAS 38?

An intangible asset is considered identifiable under IAS 38 if it meets specific criteria that distinguish it from goodwill or other intangible assets that cannot be identified separately. The correct answer highlights the essential characteristics of an identifiable intangible asset: it must be separable or arise from legal rights.

When an intangible asset is separable, it means that it can be sold, transferred, or licensed independently of the entity's other assets. This separability often indicates that the asset has value on its own, which is critical for identification. Additionally, the asset may arise from legal rights, such as patents, trademarks, copyrights, or licenses, which grant the entity certain privileges or protections that can be valued and measured.

The other criteria listed in the options do not address the fundamental aspect of identifiability in the same manner. Historical cost measurement, physical verifiability, and generation of economic benefits, while important for a comprehensive understanding of intangible assets under IAS 38, do not inherently establish the uniqueness or separability that defines an identifiable intangible asset. Only the characteristics of being separable or arising from legal rights specifically meet the criteria for identification under the standard.