Identify the two exceptions to valuing property, plant, and equipment and intangible assets acquired in nonmonetary exchanges at the fair value of the asset(s) given up.

Fair value as a method of asset measurement is defined as: Multiple Choice O O the cost of an asset adjusted for the depreciation or amortization accumulated over its lifetime. price that would be received to sell assets in an orderly transaction between market participants on a given date. the net amount of cash into which an asset could be converted in the ordinary course of business. the value of what is given in exchange for the asset at its initial acquisition.

TRUE OR FALSE Amortization of intangibles is usually done over the asset’s legal life.

The brand name of hand sanitizers has acquired by the company as part of another company acquisition. Does this fulfil the criteria to be recognised as intangible assets as per the provision of IAS 38? Explain.