Some intangible assets that companies may report on their balance sheets include patents, copyrights, trade names, software development costs, and goodwill. Required: Discuss which of these intangible assets would typically be amortized and which would not typically be amortized. Which of these intangibles must be reviewed for impairment annually?
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Some intangible assets that companies may report on their
Required:
Discuss which of these intangible assets would typically be amortized and which would not typically be amortized.
Which of these intangibles must be reviewed for impairment annually?
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- Under IFRS, when a company chooses the revaluation model as its accounting policy for measuring property, plant, and equipment, which of the following statements is correct? a. When an asset is revalued, the entire class of property, plant, and equipment to which the asset belongs must be revalued. b. When an asset is revalued, individual assets within a class of property, plant, and equipment to which that asset belongs can be revalued. c. Revaluations of property, plant, and equipment must be made every three years. d. An increase in an asset’s book value as a result of the first revaluation must be recognized as a component of profit and loss.Describe the different methods available for recording depreciation on plant assets. Recommend the approach that you feel would be most advantageous for your selected company and explain why. Discuss the process for reporting contingent liabilities in the financial statements. Provide two examples of contingent liabilities that you might expect to see on your selected company’s balance sheetResearch and development costs are while of the following? are classified as intangible assets. should be included in the cost of the patent they relate to. must be expensed when incurred under generally accepted accounting principles. are capitalized and then amortized over a period not to exceed 40 years.
- GAAP regulations state that for each of the types of plant assets, a company must disclose the following: The method of depreciation used, the original cost of the asset, and total accumulated depreciation expense. The original cost of the asset, first-period depreciation, and the method of depreciation. The method of depreciation, current fair market value, and the original cost of the asset. The method of depreciation, associated revenue generated, and the original cost of the asset.In the case study of Company XYZ's challenges in accounting for goodwill and intangible assets impairment, which factor poses a risk to the value of intangible assets such as patents and software? A) Technological advancements B) Annual amortization C) Lack of impairment testing D) Economic stabilityBased on the knowledge that you have learned from this unit and the relevant accounting standards, answer the following questions. Your answers must demonstrate your own understandings and applications of relevant accounting standards, but not a direct quote of the standards. a.Use an example to explain what are included in the original cost of property, plant, and equipment when they are initially acquired. b. What is the basic principle for valuing property, plant, and equipment acquired in exchange for other non-monetary assets? c. Use an example to illustrate how gain or loss on disposal is calculated and recorded when an item of property, plant, and equipment is disposed of.
- Which of the following groups would be classified as intangible assets for financial accounting andreporting purposes? a. long-term notes receivable, copyrights, goodwill, and trademarksb. patents, computer software costs, franchises, and trademarksc. computer software costs, research and development costs for internally developed patents,patents, and goodwilld. organization costs, goodwill, costs of employee training programs, and trademarksPlease indicate the appropriate category of the following items: Question 23 options: Cost of equipment obtained under capital lease Land Goodwill acquired Music Copyrights The cost of developing a patent The cost of purchasing a patent Brand Names Research costs The cost of an annual update of payroll software Goodwill generated internally 1. Intangible Asset 2. Tangible Asset 3. Expense 4. Other (none of the above) 5. Not recorded on financial statementsIndicate whether each of the following statements is true or false. If a new patent is acquired through modification of an existing patent, the remaining book value of the original patent may be amortized over the life of the new patent. If the recoverable amount of an indefinite-life intangible other than goodwill is less than its carrying value, an impairment loss must be recognized. Research and development costs are recorded as an intangible asset if it is felt they will provide economic benefits in future years.
- In this session, we discuss property acquisitions and dispositions. In financial accounting, the acquisition of assets means that specific procedures will be followed, including computing the depreciable cost of the asset and estimating its useful life. These steps are required to compute the depreciation for the acquired asset. The accounting treatment options vary including the use of Straight Line, Units of Production, or an accelerated method such as Declining Balance or Sum of the Years’ digits. (Heintz & Parry, 2017) If the asset is later sold before being fully depreciated, there may be an accounting gain or loss on disposal, depending on the circumstances. If assets are disposed of under the tax code, such disposal might trigger depreciation recapture. The deductions allowed under section 1231 allow for tax savings while reducing the taxpayer basis in the asset. Such a reduction in basis might be connected to a realized gain on the disposal of such an asset and allow the…IFRS requires annual reviews of long-lived assets (other than goodwill) for reversal indicators. A loss may be reversed up to the newly estimated recoverable amount, not to exceed the initial carrying amount adjusted for depreciation. This is a significant departure from GAAP, so what are the financial statement implications? Is it a good thing or bad?IFRS allows a corporation to utilize the revaluation model for future assessment only if the useful life of the intangible asset can easily be established. As a result, there is a healthy intangible asset market. c. The intangible asset's cost can be accurately calculated. It is a financial asset when an intangible asset is a monetary one.
