Under IFRS, an entity that acquires an intangible asset may use the revaluation model for subsequent measurement only if The intangible asset is a monetary asset The cost of the intangible asset can be measured reliably The useful life of the intangible asset can be reliably determined An active market exists for the intangible asset

Under IFRS, an entity that acquires an intangible asset may use the revaluation model for subsequent measurement only if The intangible asset is a monetary asset The cost of the intangible asset can be measured reliably The useful life of the intangible asset can be reliably determined An active market exists for the intangible asset

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Under U.S. GAAP, litigation costs to successfully defend an intangible right are capitalized and amortized over the remaining useful life of the related intangible. How are these costs typically accounted for under IFRS?
Included in the requirements for an intangible asset arising from development (or from the development phase of an internal project) to be recognized, are the following except: multiple choice the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset the technical feasibility of completing the intangible asset so that it will be available for use or sale the legal right to deter others from using the intangible asset its ability to use or sell the intangible asset
A loss on impairment on a limited life intangible asset is the difference between the asset’s Select one: carrying value and its undiscounted expected future net cash flows. fair value and its net realizable value. fair value and its discounted expected future net cash flows. carrying value and its fair value.
Under the impairment of assets, value-in-use is * a. The undiscounted present value of future cash flows arising from the continuing use of the asset and from its disposal. b. The discounted present value of future cash flows arising from the continuing use of the asset and from its disposal. c. The higher of an asset's fair value less cost to sell and its market value d. The amount at which the asset is recognized in the statement of financial position
What should be the pattern of amortization for a limited-life intangible?
The undiscounted future net cash flow is used as a benchmark to determine any impairment loss on which of the following types of intangible assets? O Limited life intangibles. O Indefinite life intangibles other than goodwill. O Goodwill. O Indefinite life intangibles.
TRUE OR FALSE Amortization of intangibles is usually done over the asset’s legal life.
Which of the following would be amortized? a)oil wells b) landc) equipment d) franchises Which of the following would NOT be considered an intangible asset: a) interest payableb)a patentc)a trade markd) all of these are intangible assets
please dont plagiarise otherwise i will report
S1: The realization process depends on the type of the property, plant and equipment-if the property, plant and equipment are non-depreciable, the realization of a gain or loss on an intercompany sale must await the property, plant and equipment's resale to outsiders; if the property. Plant and equipment are depreciable, the realization of gain or loss on an intercompany sale occurs on a piece meal basis over the remaining useful life of the property, plant and equipment. S2: Unrealized intercompany gains or losses involving the non-depreciable assets are viewed as being realized gradually over the remaining life of the asset as it is used by the purchasing affiliate. O Only S1 is correct. O Only S2 is correct. O Both statements are correct. O Both statements are incorrect.
Internally generated intangible assets are initially recorded at fair value. O True O False
Research and development is an internally developed intangible asset that should be: capitalized and amortized over its finite life. capitalized and reviewed for impairment over its indefinite life. expensed as incurred. treated differently from any of these choices.