Explanation on the disclosure requirements for the accounting treatment of the intangible asset MRFS/ IRFS 138. Clear example with explanation on recognition , measurements , disclosure requirements for accounting treatment on intangible asset.

Explanation on the disclosure requirements for the accounting treatment of the intangible asset MRFS/ IRFS 138. Clear example with explanation on recognition , measurements , disclosure requirements for accounting treatment on intangible asset.

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter4: Balance Sheet: Presenting And Analyzing Resources And Financing

Section: Chapter Questions

Problem 4Q

See similar textbooks

Related questions

Q: critically explain any four main disclousures relating to IAS 38 intangible assets by providing…

A: Intangible assets are the one which have the useful life and are amortized over a period of life.…

Q: Write the definition, recognition, measurement and derecognition if any provided for the following:…

A: Hello. Since your question has multiple parts, we will solve the first question for you. If you want…

Q: Access the FASB Accounting Standards Codification at the FASB website (asc.fasb.org). Determine the…

A: Property, Plant, and Equipment: Property, Plant, and Equipment refers to the fixed assets, having a…

Q: Briefly describe some of the similarities and differences between GAAP and IFRS with respect to the…

Q: Explanation on the recognition, measurement and disclosure requirements for the accounting treatment…

A: As quoted by IAS 38, Intangible assets refer to an "identifiable non- monetary asset without…

Q: According to IFRS, all of the following pieces of information about intangible assets mustbe…

A: Intangible Assets are measured based upon classification as assets with a finite life or assets with…

Q: ultiple choice question How are heritage assets reported in the federal government’s balance…

A: Heritage assets are owned by the government and they have historical and cultural significance.

Q: Explain how the accounting treatment differs between purchased and internally developed intangible…

A: Intangible assets: Intangible assets are the long-term assets having no physical existence. However,…

Q: Describe the accounting for various types of intangible assets.

A: Intangible assets: These are the long-term assets which are not physical in nature, but possess…

Q: In your own words explain the term “identifiable” as per IAS38 – Intangible assets.

A: Introduction:- Intangible assets are expected to generate economic for more than one year or one…

Q: What general procedures are applied in accounting for the acquisition and potential cost allocation…

Q: Clear and detailed explanation on all of the following: overview, objectives, scope and definition…

A: Overview An asset to be known as an intangible should have the following qualities: Identifiable…

Q: All of the following are key similarities between GAAP and IFRS with respect to accounting for…

A: Answer: Option c

Q: The least effective means for the auditor to determine whether a recorded intangible asset possesses…

A: The correct answer for the above mentioned question is given in the following steps for your…

Q: Describe the financial statement presentation of and disclosures relating to property, plant,and…

A: The IAS 16 is responsible for disclosure about property, plant & equipment & IAS 38 deals…

Q: Clear and detailed explanation on all of the following: overview, objectives, scope and definition…

Q: Required: Advise the company on the accounting treatments for the above items in accordance to…

A: Note: Since you have asked multiple question, we will solve the first question for you. If you want…

Q: Discuss the accounting for various types of intangible assets.

A: Intangible assets: These are the long-term assets which are not physical in nature, but possess…

Q: The FASB Accounting Standards Codification represents the single source of authoritative U.S.…

A: Financial Accounting Standards Board (FASB): FASB is an independent seven member board of…

Q: Explain the accounting issues related to asset impairment.

A: Asset impairment: Asset impairment emerges when there is a sudden drop in the fair value of an asset…

Q: Discuss, with the reference to IAS 38: Intangible Assets, the correct accounting treatment for all…

A: The direct expenditures incurred by the business organization to enhance, design, and develop the…

Q: Explain impairment procedures and presentation requirements for intangible assets.

A: Intangible assets are the long-term assets that do not have the physical appearance but it has the…

Q: Identify the following as intangible assets (IA), natural resources (NR), or some other asset (O).…

A: Intangible assets are those assets which do not have physical substance and which we can not see or…

Q: which of the basic accounting principles in the Accounting Act is particularly relevant for…

A: Depreciation is a non-cash business expense. It is allocated and calculated over the period that an…

Q: PAS 38 Intangible Assets applies to all intangible assets, including goodwill all identifiable…

A: SOLUTION- INTANGIBLE ASSETS ARE THOSE ASSETS WHICH CAN NOT BEEN SEEN OR TOUCHED . THEY CAN ONLY BE…

Q: Illustrate the accounting treatment for the above equipment in accordance to the MFRS116 Property,…

A: Depreciation: A charge on the fixed asset that reduces the value of the asset is known as…

Q: requirements of the principle of recognition and A qualifying asset is an asset that meets the an…

A: Asset is the property which the company is having or the property which company owns. Like the plant…

Q: Identify the following as intangible assets (IA), natural resources (NR), or some other asset (O).…

Q: Discuss the primary differences between U.S. GAAP and IFRS with respect to the acquisition of…

A: Property, Plant, and Equipment: Property, plant, and equipment are those assets which are…

Q: Which of the following would be correctly classified as an intangible asset? Select one: O a. Brand…

A: Intangible assets are non-physical assets that provide future economic value to the business entity.…

Q: Explain the preferred use of historical cost as the basis for recording property and equipment and…

A: Historic cost is a method of recording the value of assets in the financial statement. According to…

Q: Which of the following intangible assets should be shown as a separate item on the balance sheet?…

A: Intangible assets mean assets that can’t be touched. It has no physical appearance. Patents,…

Q: 1) What are the accounting models accepted under IFRS for the measurement of property, plant &…

Q: Discuss the primary differences between U.S. GAAP and IFRS with respect to theutilization and…

A: Property, plant, and equipment are those assets which are tangible and long-term assets used in the…

Q: Which of the following disclosures must be included in the notes to the financial statements?

A: In the notes to financial statement, methods used in computing depreciation for all each major class…

Q: Q12 Which of the following is correct about the initial measurement of intangible asset? Select…

A: The correct answer for the above mentioned question is given in the following steps for your…

Q: In the light of MFRS138 Intangible Asset, briefly explain how each of the above transaction should…

A: Accounting of each transaction if financial statements shall be as follows: The total cost of RM…

Q: Describe the common characteristics of assets classified as property, plant, and equipment and…

A: Assets: It refers to any resource owned by the business. An asset can be tangible or intangible in…

Q: Identify the management assertion and presentation and disclosure-related audit objective for the…

A: The management assertion and presentation and disclosure-related audit objective for the specific…

Q: Explain three key points presented on summary of MRFS 138 Intangible asset

A: MFRS 138 Intangible Assets covers Identification, Recognition, Measurement and Presentation of…

Q: order to determine usefulness of intangibles, investigation and the examination of income data…

A: Goodwill, patent and others is an intangible asset which cannot be seen or touched, add value to the…

Q: Explanation on the recognition, measurement and disclosure requirements for the accounting treatment…

A: Recognition: MRFS 138 allows a company to recognize an item as an intangible when: It meets the…

Q: Prepare the complete Depreciation and Amortisation Form 4562.

A: Amortization: Amortization can be defined as the accounting technique to write off the value of the…

Question

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1: Introduction

VIEW

Step 2: Explanation and Answer

VIEW

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Explanation on the recognition, measurement and disclosure requirements for the accounting treatment MRFS 138 intangible asset with clear details on scenarios
Explanation on the recognition, measurement and disclosure requirements for the accounting treatment MRFS 138 intangible asset with clear details
Clear and detailed explanation on all of the following: overview, objectives, scope and definition on intangible asset of MRFS138
Describe how the recognition and measurement requirements for Intangible Assets under AASB 138 differ from the recognition and measurement principles outlined for assets under the (revised) Conceptual Framework and explain the reasons why these differences may exist. Refer to AASB 138 and Conceptual Framework where appropriate (max. 250 words).
(i) You are required to identify which item to be expensed out and to be capitalized as an intangible asset for each of the items, keeping in view the requirements of MFRS 138: Intangible Assets.
Access the FASB Accounting Standards Codification at the FASB website (asc.fasb.org). Determine the specific citation for each of the following items: 1. The disclosure requirements in the notes to the financial statements for depreciation on property, plant, and equipment. 2. The criteria for determining commercial substance in a nonmonetary exchange. 3. The disclosure requirements for interest capitalization. 4. The elements of costs to be included as R&D activities.
Describe the accounting treatment for intangible assets such as patents, copyrights, and trademarks. Discuss the challenges in measuring and reporting the value of intangible assets and their impact on financial statements.
Please answer, The questions are under IAS 38 Intangible Assets
The purpose of IAS 38 Intangible Assets is to prescribe the recognition and measurement criteria for intangible assets that are not covered by other standards. This Standard shall be applied in accounting for intangible assets, except: a.Licensing and royalty agreements b.Internet domain names c.Expenditure on the development and extraction of minerals, oil, natural gas, and similar non-regenerative resources d.Newspaper mastheads
Question 1. For any single intangible asset that is material to an entity's financial statements, which of the following is required to be disclosed? Select all that apply. A. Remaining amortisation period of the intangible asset B. Carrying amount of the intangible asset C. Line item on the income statement whichtotal amortization is included D. Description of the intangible asset
In your own words explain the term “identifiable” as per IAS38 – Intangible assets.
Which of the following statements about intangible assets are correct? 1 If certain criteria are met, research expenditure must be recognised as an intangible asset. 2 The notes to the financial statements should disclose the gross carrying amount and the accumulated amortisation at the beginning and the end of the period for each class of intangible asset. 3 Intangible assets must be amortised over their useful life. A 2 and 3 only B 1 and 3 only C 1 and 2 only D All three statements are correct.