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ias 38 intangible assets questions and answers

As mentioned earlier, IAS 38 provides application guidance for separate acquisition of intangible assets (IAS 38.25-32) and acquisition as part of a business combination (IAS 38.33-37). Click here to take the IAS 38 Quiz. An intangible asset with an indefinite useful life is tested for impairment when indications exist Example 2: Bad and doubtful debts. Under IAS 38, Intangible Assets are property that does not have a physical form but meets the three definition criteria: identifiable, controllable property that provides future economic benefits. 2 million in the financial statements for the year ended 31 March 2014. Separate acquisition of intangible assets. In accordance with IAS 38 Intangible Assets, which of the following statements regarding the accounting treatment of an intangible asset is correct? Under this standard, raw data would be unlikely to meet the definition of a recognisable asset. And, IAS 38 expands this definition for intangible assets by specifying that on top of basic definition, an intangible asset is an identifiable non-monetary asset without physical substance. The standard also specifies how to measure the carrying amount of intangible assets and requires specified disclosures about intangible assets. The objective of IAS 38 is to prescribe the accounting treatment for intangible assets that are not dealt with specifically in another Standard. If you’re studying IAS 38 Intangible Assets, why not test your knowledge with our multiple choice quiz? It requires an entity to recognize an intangible asset upon fulfillment of certain recognition criteria. •Professional Development will monitor quiz results and follow up with anyone who does not achieve a score of at least 8/10. Impairment 9. In accordance with IAS 38 Intangible Assets, which of the following statements regarding the accounting treatment of an intangible asset is correct? This Standard requires an entity to recognise an intangible asset if, and only if, specified criteria are met. As mentioned earlier, IAS 38 provides application guidance for separate acquisition of intangible assets (IAS 38.25-32) and acquisition as part of a business combination (IAS 38.33-37). Quiz complete. The objective of IAS 38 is to prescribe the accounting treatment for intangible assets that are not dealt with specifically in another Standard. We’d love to have you as a member; simply click here to find out more. They acknowledged though that providing the context no longer answers the question after the conclusion in respect of service vs. asset has been reached. Revised March 2004. Recognition and measurement 3. Retirements and disposals. ANSWER –QUESTION 7: IAS 38 INTANGIBLE ASSETS Part (a) Following are the criteria that should be used while recognizing intangible assets from research and development work. ... Hello, I’ve a question regarding question 1 in this practice test (intangible assets ch.6). Also, explain how the criteria is applied to the recognition of separately purchased intangible assets, intangible assets acquired in a business combination and internally generated intangible assets. An intangible asset with a finite useful life is tested for impairment annually. It specifies 2 recognition criteria: It is a resource controlled by the entity; and ; Future economic benefits are expected from the asset. It requires an entity to recognise an intangible asset if, and only if, specified criteria are met. The UK government follows IAS 38 as adapted for the public sector. The financial statements for the year ended 30 September 2018 are due to be published shortly. •Professional Development will monitor quiz results and follow up with anyone who does not achieve a score of at least 8/10. A long held principle of IAS 38 is that the majority of internally generated intangible assets cannot be capitalised. ACCA FR Chapter 6 Intangible assets (IAS 38) Questions - Practice Questions - Chapter 6 Free ACCA Financial Reporting (FR) Tests. Intangible assets, other than goodwill, acquired as part of an on-going business or acquired separately: a) Should be never amortised b) Should be amortised systematically over its estimated useful life Hence $5 million needs to be charged to profit or loss to undo the reversal. It defines intangible asset as an identifiable non-monetary asset without physical substance. To find out more, see our Cookies Policy IAS 38 Intangible assets If expenditure on an intangible item was initially recorded as an expense, in previous interim, or annual financial statements, IAS 38 prohibits the undertaking from recording this expenditure as part of the cost of an asset at a later date. Hence you can not start it again. For example, computer software can be pre-installed on a computer or can be written on external drive and available for installation on any device. According to IAS 38 - 'Intangible assets', what is the total cost that can be capitalised as an intangible fixed asset in respect of the new process? Welcome to AccountantAnswer Forum, where you can ask questions and receive answers. To prescribe the accounting treatment for intangible assets that are dealt with specifically in another Standard To specify how to measure … Examples of intangible assets that are not within the scope of IAS 38 are given in paragraphs IAS 38.2-3 (e.g. An asset is identifiable if either: it is separable (that is, it is capable of being separated or divided from the entity and sold, transferred, licensed, rented or exchanged); or it arises from contractual or legal rights. According to IAS 38 - 'Intangible assets', which of the following statement (s) is (are) true? REVIEW TESST Question 1 0 out of 2 points IAS 38 Intangible Assets governs the accounting treatment of expenditure on research and development. IAS 38 Intangible Assets Last updated: March 2017 RECOGNITION AND INITIAL MEASUREMENT This communication contains a general overview of the topic and is current as of March 31, 2017. In your discussion, you are required to discuss IAS 38. Recognition of expense 4. An asset is identifiable if either: it is separable (that is, it is capable of being separated or divided from the entity and sold, transferred, licensed, rented or exchanged); or it arises from contractual or legal rights. Total impairment is still $3 million. 2011 IFRS: IAS 38 Intangible Assets. Separately acquired intangible asset as an identifiable non-monetary asset without physical substance all principles IAS! Of impairment is not recognised general studies ( GS ), CSAT, GAT and subjects. 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