Statutory Board Financial Reporting Standard 38 Intangible Assets (SB-FRS 38) is set out in paragraphs 1–132. All the paragraphs have equal authority. SB-FRS 38 should be read in the context of its objective, the Preface to Statutory Board Financial Reporting Standards and the Conceptual Framework for Financial Reporting. SB-FRS 8 Accounting Policies, Changes in Accounting Estimates and Errors provides a basis for selecting and applying accounting policies in the absence of explicit guidance.