Intangible assets
9 important questions on Intangible assets
Which question should always be kept in mind when analyzing the accounting for intangible assets?
Which two criteria must be met by the asset before it can be recognized?
2. The cost of the asset can be measure reliably.
In which four ways can an entity obtain an intangible asset?
2. Acquisition as part of a business acquisition
3. Acquisition by way of a government grant
4. Internally generated assets.
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What should not be recognized as intangible assets?
Which outlays should alway be recognized as an expense when incurred?
- Training activities
- Advertising and promotional activities
- Relocating or reorganizing part or all of an entity
What is a key determinant in the amortization process for intangible asset?
How must an intangible asset amortized when the useful life is finite?
How must an intangible asset be amortized when the useful life is indefinite?
How is being accounted for retirement and disposals of intangible assets?
- Intangible assets are to be derecognised on disposal or when there are no expected further benefits from the asset.
- Gains or losses on disposal are calculated as the difference between the proceeds on disposal and the carrying amount at point of sale, with amortization calculated up to the point of sale.
- Amortization of an intangible with finite useful life does not cease when the asset becomes temporarily idle or is retired from active use.
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