One of the essential characteristics of an intangible asset a. has physical substance b. subject to amortization c. indefinite useful life d. controlled by the enterprise
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One of the essential characteristics of an intangible asset
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- 15) Which of the following costs should always be expensed as incurred? A) the costs of externally acquired identifiable intangible assets B) the costs incurred directly associated with establishing and successfully defending the rights associated with internally developed identifiable intangible assets C) the costs of internally developed unidentifiable intangible assets D) the costs of externally acquired unidentifiable intangible assets8. An item of property, plant and equipment should recognised as an asset if and only if:A. it is probable that future economic benefits will flow to the entity concerned.B. the cost of the item can be measured reliablyC. Both A & BD. None of the above25 - What is the name given to assets with a physical structure, which are acquired for use in business activities and whose estimated useful life is more than one operating period?A) Assets subject to special consumptionB) Intangible Fixed AssetC) Tangible Fixed AssetD) Fixed AssetE) Financial fixed assets
- Which of the following statements are correct? I. IAS 16 Property, plant and equipment requires entities to disclose the purchase date of each asset II. The carrying amount of a non-current asset is the cost or valuation of that asset less accumulated depreciation III. IAS 16 Property, plant and equipment permits entities to make a transfer from the revaluation surplus to retained earnings for excess depreciation on revalue assets IV. Once decided, the useful life of a non-current asset should not be changedq23 Which of the following is not a requirement for the recognition of an intangible asset? Select one: a. It should ONLY be used by the entity in its productive and administrative processes b. It can be sold separately from the entire business c. It should be identifiable and separable. d. It should be non-monetary and should not have physical substanceSection 197 intangible property acquired as part of an acquisition of a business is amortized over what?
- 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(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.Q23 Which of the following statement(s) is (are) true? (i) An intangible asset is impaired if the carrying amount is higher than its recoverable amount (ii) Recoverable amount is the asset’s fair value or its value-in-use at the reporting date. (iii) For an intangible asset with infinite useful life, impairment test should be performed only if there is evidence to indicate that an intangible asset has been impaired. (iv) For an intangible asset with finite useful life, impairment test should be performed annually even if there is no evidence that the asset has been impaired. Select one: a. (i), (ii), (iii) and (iv) b. (i) and (ii) only c. (i) and (iv) only d. (i) only
- 64. This refers to the cost an entity would incur to acquire assets on a reporting date Net Realizable Value Fair Value Current Replacement cost Present Value(2). Explain the difference between IFRS and GAAP in the accounting of litigation costs to successfully defend an intangible asset. (450 words)Under IAS 36 Impairment of Assets, impairment test for an individual asset requires that the carrying amount of the asset be compared to its recoverable amount. According to IAS 36, ‘recoverable amount’ is defined as the higher of two items. Which one of the following correctly describes these two items? a. present value of future cash flows from the asset and fair value of asset less costs of disposal b. future cash flows from the asset and fair value of asset less costs of disposal c. future cash flows from the asset and fair value of asset d. present value of future cash flows from the asset and fair value of the asset
