Intangibles Essay

448 Words2 Pages
QUIZ QUESTIONS IAS 38: INTANGIBLES 1. Define an “intangible asset”. (1 Mark) 2. Define an “active market”. (1 Mark) 3. Define “research”.(1 Mark) 4. Define “development”. (1 Mark) 5. When does an asset meet the identifiability criterion? (1 Mark) 6. When should an intangible asset be recognised? (1 Mark) 7. How should an intangible asset be measured initially? (1 Mark) 8. How should internally generated goodwill be accounted for? (1 mark) 9. Name two (2) of the criteria that must be met if an intangible asset arising from the development phase is to be recognised? (1 Mark) 10. To assess whether outlays internally generated intangible asset meets the criteria for recognition, an entity classifies the generation of the asset into one of two phases. Name these phases. (1 Mark) 11. How is an internally generated intangible asset arising from the research phase accounted for? (1 Mark) 12. How is an internally generated asset arising from the development phase accounted for? (1 mark) 13. Subsequent to initial recognition how is an internally generated intangible asset measured? (1 Mark) 14. Over what period of time is an internally generated intangible asset amortised? (1 Mark) 15. Which recognition criterion is always considered to be satisfied when accounting for the acquisition of a separate intangible asset? (1 Mark) 16. Why is the probability criterion always considered to be satisfied when accounting for the acquisition of a separate intangible asset? (1 Mark) 17. Which recognition criterion is always considered to be satisfied when accounting for the acquisition of an intangible asset in a business combination? (1 mark) 18. Name two (2) internally generated assets that are not allowed to be recognised as intangible assets by the
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