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

Q: An intangible asset may be recorded:  Select one: a. . at the cost of the asset, which must exclude…

A: Solution: An intangible asset may be recorded, "if acquired from an external party at a cost."

Q: T, F. Any difference between the fair value of the asset surrendered and its book value should be…

A: As you have posted multiple independent questions, we are answering the first three questions.…

Q: If a company buys an intangible asset, it can only utilize the revaluation model to evaluate the…

A: This question describe about the revaluation model to evaluate the asset's value later.

Q: - The cost of an intangible asset includes all acquisition costs plus expenditures to make it ready…

A: The initial cost of intangible assets factors into account all of the costs associated with its…

Q: Explain the alternative methods that have been suggested to account for goodwill or excess on…

A: Intangible Assets are the non current fixed assets which can not be seen or touch. But they provide…

Q: the amortization of intangible assets with finite useful lives is justified by the : a- economic…

A: a) Economic entity assumption states that a entity and the people managing it are different persons…

Q: Unless acquired under a business combination, intangible assets must be initially measured using…

A: Intangible assets are those which does not have physical substance. It includes copyright, goodwill,…

Q: assets are amortized a. using straight-line method applied to the shorter of an intangible asset's…

A: Intangible Assets - It is an assets which are not in physical in nature. for example patent,…

Q: key characteristic for theclassification of an asset as ‘held for sale’ is that the carrying amount…

A: As per IFRS 5 a non-current asset or disposal group is classified as held for sale if its carrying…

Q: Under IFRS, an entity that acquires an intangible asset may use the revaluation model for subsequent…

A: As per IFRS on Intangible Assets, an intangible asset can be revalued only when there is an active…

Q: Which statement is INCORRECT about subsequent measurement of intangible assets? Q7 Select…

A: Intangible assets are identifiable non-monetary asset without any physical substance. An asset…

Q: Which statement is correct regarding derecognition of financial assets?   A. Transfer of risks and…

A: The process of derecognizing financial assets in which the entity fully transfers the asset and all…

Q: hich of the following is least likely capitalized as cost of land? Grading, filling,…

A: Capitalized cost  =All the expenses which are added to the assets first use are known as capitalized…

Q: Intangible assets are initially recorded at a. expected future value. b. fair value. c. cost. d.…

A: Intangible assets are those which does not have physical substance. It includes copyright, goodwill,…

Q: Which of the following statements is false regarding intangible assets? O a. Intangibles with an…

A: Intangible Assets is a non monitory asset with our physical substance, such assets are identifiable…

Q: Companies that acquire intangible assets under IFRS may only utilize the revaluation model if the…

A: Here is the answer :

Q: Which of the following statements relating to intangible assets is true? A All intangible assets…

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

Q: Under IFRS, the recoverable amount of an asset is     The higher of an asset’s value in use or its…

A: Impairment of an asset: Impairment is the loss that occurs due to, unexpected decrease in the market…

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: All of the following are true regarding the revaluation model allowed under GAAP except;

A: The revaluation model gives a business the option of carrying a fixed asset at its revalued amount.…

Q: An entity that acquires an intangible asset may use the revaluation model for subsequent measurement…

A: Lets start with basic understanding. Intangible asset is considered under IAS 38 " Intangible…

Q: An entity that acquires an intangible asset may use the revaluation model for subsequent measurement…

A: Intangible assets are those which does not have physical substance. It includes copyright, goodwill,…

Q: According to IAS 16 Property, Plant and Equipment, which, if any, of the following statements about…

A: - A change in depreciation method is the change in accounting estimate but not a change in…

Q: A loss on impairment of an intangible asset under IFRS is the asset's: a. carrying amount less the…

A:

Q: ntangible assets can only be measured using the revaluation model if the acquiring entity:

A: The Answer:

Q: Depreciation is based on the fair value of assets. An impairment loss occurs if the carrying value…

A: GIVEN     Depreciation is based on the fair value of assets. An impairment loss occurs if…

Q: Objectives of the fixed asset system do NOT includea. authorizing the acquisition of fixed assets.b.…

A: Answer:   Option d.

Q: Under IFRS, an intangible asset is considered to be impaired if it carrying value is greater than…

A: According to IFRS 13 and Indian Accounting Standard (IAS) 36, an intangible asset is said to be…

Q: Which of the following statements is true regarding the amortization of intangible assets? a.…

A:

Q: Question 1 Which of the following statements regarding the acquisition of PP&E is false? Answers:…

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

Q: Included in the requirements for an intangible asset arising from development (or from the…

A: An intangible asset is the type of resource which cannot be touched or seen. It gives the authority…

Q: According to PAS 38, which of the following may be recognized as cost of intangible asset? a.…

A: Requirement is to find solutions to some MCQs

Q: purposes of capitalizing borrowing cost, a qualifying asset is an asset that necessarily takes a…

A: Inventory is the current asset posted in the balance sheet of the company. It does not use for…

Q: Which amortization method should be used for intangibles that are amortized?

A: Amortization represents the reduction in the value of the intangible assets over a period of time.

Q: Under the impairment of assets, value-in-use is *   a. The undiscounted present value of future…

A: The impairment loss is recorded as an expense in the income statement of the company.

Q: Which of the following values for an intangible asset would a company capitalize and amortize? a.)…

A: Intangible assets are those assets which cannot be touched or seen but can be felt. Goodwill,…

Q: investment decision? A. revenue recognition B. goodwill C. plant, property and…

A: Step 1 The main difference between the two systems is that GAAP is based on principles, while IFRS…

Q: In a replacement analysis, the market value of the currently owned asset a. does not impact the cash…

A: With the passage of the time, old assets are outdated and more cost is incurred to maintain. So, it…

Q: The primary measurement basis is   A.The current market price if the asset currently held was sold…

A: Measurement basis provides information in financial reports which meets the qualitative…

Q: hat are the reason for seeking an acquisition of intangible assets?

A: Intangible assets: Intangible assets are non-physical assets, can't be seen but can be identified…

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: An intangible asset may be recorded: A. if acquired from an external party at a cost. B. if it is…

A: Answer -   Correct Option is A. if acquired from an external party at a cost.

Q: What is the effective life of an asset?   a. The total period of ownership of the asset,…

A: The resources owned by the organization to generate revenues are referred to as the assets. They can…

Q: Which of the following factors is NOT considered in determining the useful life of an intangible…

A: Intangible assets are assets that can not be seen or touched. Their effect can only be felt like…

Q: Which of the following statements is false? A.For a self constructed asset, capitalized interest…

A: Solution The false statement is  "The cost to build an addition to an existing building should be…