If I remember correctly, it raises your Identification by +1.

Thanks for the response. I tested it out, but it didn't raise identification.

I guess I would have to play again and refresh my memory.

Here are some scrolls and effects, going by memory so they may be innacurate:
Blacksmithing scroll, +4 Smithing skill
Plans of the Pyramids, +5 Building skill
Works of Hippocrates, +100 Healing skill
Treatise on Trade, + 10 Trading skill
Lost Map - reveals a random area on your map
Words of Ressurection - revives all corpses in this area. Both friendly, and enemy.

It identifies unknown items in inventory