Answered: Three key points presented of MRFS 138…

Business

Accounting

Three key points presented of MRFS 138 Intangible asset

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 2Q: Define intangible assets.

See similar textbooks

Related questions

Q: Name some intangible assets.

A: An Assets is something carrying economic benefits that are owned and controlled by an entity.…

Q: Requirements: 1 How do you classify eachoftheitems mentioned above? 2. Compute the investment…

A: The assets held by the business for the longer period of time, and which helps to generate revenue…

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: Under PAS 16, when accounting for plant, property, and equipment, a company: O May elect to use the…

A: Solution: As per PAS 16, "An entity shall choose either the cost model or the revaluation model as…

Q: The cost of the plant assets consists of Select one: O a. All expenditures necessary to sell an…

A: A resource which can be controlled by an entity for future economic benefit Is called an asset.

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: 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: Statement 1: When an item of asset is transferred to and from the classification investment…

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

Q: Fixed Assets, Intangible are classified as Non- Current Assets. Select one: O True

A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the net…

Q: 1. Long-lived assets include which of the following? a. Tangible assets such as equipment. b.…

A: As posted multiple independent questions we are answering only first question kindly repost the…

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: Directions: Read and analyze the following standards and answer what is required. Required: Write…

A: Intangible assets - An immaterial resource is a resource that isn't physical in nature. Generosity,…

Q: Accounting for plant assets involves cost determination, depreciation, additional expenditures, and…

A: International Financial Reporting Standards (IFRS) They are commonly known as IFRS. It is a set of…

Q: Which of the following would be classified as an intangible asset on the balance sheet? Multiple…

A: Balance sheet: A classified balance sheet is a format of detailed presentation of the assets and…

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: 1. Identify which type of assets should be classified and measured under these two categories…

A: IFRS: International Financial Reporting Standards (IFRS) are the standards or rules required to be…

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

Q: Research and development costs Select one: a. are classified as intangible assets. O . are…

A: There several types of expenses that a business does.

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: 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: Which of the following is an intangible asset?a. Landb. Leasehold improvementsc. Equipmentd.…

A: Assets: These are the resources owned and controlled by business and used to produce benefits for…

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

A: Salt mine is a type of natural resources.

Q: State the recognition criteria for an intangible asset. ii）Briefly explain the recognition criteria…

A: Cost refers to the money value which business had to spend in order to produce, enhance the goods…

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

Q: What method is used in the Evaluation Phase of intangible assets

A: Corporate finance is referred as the decision of the firm to take capital investments and other…

Q: PROBLEM 1: MULTIPLE CHOICE 1. According to PAS 38, intangible assets are measured as follows:…

A: Hi student Since there are multiple questions, we will answer only first question. If you want…

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

Q: Statement 1: When an item of asset is transferred to and from the classification investment…

A: Only two of the Statements are true.

Q: PAS 16 requires that revaluation surplus resulting from initial revaluation property, plant and…

A: Solution: As per requirement of PAS 16, Increase in value of PPE, will be recognized in books by…

Q: describe the nature of the assets that compose the following categories: (a) current asset, (b)…

A: In Chart of Accounts we prepare for Current Asset and Non Current Asset. Current Asset consist Cash,…

Q: Which of these costs are taken as a part of cost of assets? I. Invoice price II. Transportation…

A: Invoice price is the price at which the asset is purchased from the manufacturer or retailer of the…

Q: MFRS 138: Intangible Assets prescribes that research and development (R&D) costs should comprise…

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

Q: Property, plant and equipment are: A. Current assets. B. Used in operations. C. Natural resources.…

A: In order to perform the business operations effectively and efficiently, the business entity needs…

Q: 7. Which of the following costs may be capitalized? a. Cost of internally generated goodwill, b.…

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

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: 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: 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: What are the valuation approaches used in valuing Intangible Assets?

A: Following are the valuation approaches used in valuing Intangible Assets: Market approach As a…

Question

Summary
Three key points presented of MRFS 138 Intangible asset

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

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps with 2 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

Explain three key points presented on summary of MRFS 138 Intangible asset
Clear and detailed explanation on all of the following: overview, objectives, scope and definition on intangible asset of MRFS138
Clear and detailed explanation on all of the following: overview, objectives, scope and definition of MRFS 138 intangible asset.
Explanation on the recognition, measurement and disclosure requirements for the accounting treatment MRFS 138 intangible asset with clear details
Explanation on the recognition, measurement and disclosure requirements for the accounting treatment MRFS 138 intangible asset with clear details on scenarios
In your own words explain the term “identifiable” as per IAS38 – Intangible assets.
Please answer, The questions are under IAS 38 Intangible Assets
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.
(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.
What amount should be recorded as initial measurement of the right of use asset? **see attached pica. 5,600,000b. 4,088,000c. 3,912,000d. 3,288,000
critically explain any four main disclousures relating to IAS 38 intangible assets by providing sultable examples?
Define intangible assets.