O To prescribe the accounting treatment for property, plant, and equipment. O To specify the measurement and disclosure requirements for intangible assets.
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- Explain the differences between the process of amortizing intangible assets and the process of depreciating tangible assets.Identify situations that involve a significant impairment of the value of property,plant, and equipment and intangible assets and describe the required accountingprocedures.15) Which of the following costs should always be expensed as incurred? A) the costs of externally acquired identifiable intangible assets B) the costs incurred directly associated with establishing and successfully defending the rights associated with internally developed identifiable intangible assets C) the costs of internally developed unidentifiable intangible assets D) the costs of externally acquired unidentifiable intangible assets
- 5. An intangible asset may be recorded:A. if acquired from an external party at a cost.B. if it is internally generated and fits the definition of an asset and meets the associated recognition criteria.C. at a value other than cost if that value more reliably records the worth of the intangible asset.D. at the cost of the asset, which must exclude any additional expenditure required to prepare the asset for use.Which of the following statements is correct? Question 1 options: a Some intangible assets have physical substance b Intangible assets are always classified as noncurrent assets even in cases where they are part of a disposal group. c The process of recording the expiration of the economic benefits of an intangible asset is called depletion. d Intangible assets can be obtained in one of two ways – external acquisition or internal developmentAccess the FASB Accounting Standards Codification at the FASB website (asc.fasb.org). Determine the specific citation for each of the following items: 1. Depreciation involves a systematic and rational allocation of cost rather than a process of valuation. 2. The calculation of an impairment loss for property, plant, and equipment. 3. Accounting for a change in depreciation method. 4. Goodwill should not be amortized.
- (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.According to IFRS, all of the following pieces of information about intangible assets mustbe disclosed in a company’s financial statements and footnotes except for:A. fair value.B. impairment loss.C. amortization rate.Explain the appropriate treatment required when an error in accounting for property, plant, and equipment and intangible assets is discovered.
- Which of the following costs incurred internally to create an intangible asset is generallyexpensed? a. Research and development costs.b. Filing costs.c. Legal costs.d. All of the above.Explain what is meant by the impairment of the value of property, plant, and equipment and intangible assets. How should these impairments be accounted for?An intangible asset may be recorded: Select one: a. . at the cost of the asset, which must exclude any additional expenditure required to prepare the asset for use. b. if it is internally generated and fits the definition of an asset and meets the associated recognition criteria. c. if acquired from an external party at a cost. d. at a value other than cost if that value more reliably records the worth of the intangible asset.
