Recovery of impairment is recognized under IFRS for all the following except: a. patent held for sale. b. patent held for use. c. trademark. d. goodwill.

Which of the following cannot be protected as intellectual property?   a. an idea   b. an invention   c. a trademark   d. artistic expression

The main objective of IAS 36 Impairment of Assets is to prescribe the procedures that should ensure that an entity's assets are included in its statement of financial position at no more than their recoverable amounts. Where an asset is carried at an amount in excess of its recoverable amount, it is said to be impaired and IAS 36 requires an impairment loss to be recognized. Required: Define an impairment loss explaining the relevance of fair value less costs to sell and value in use and state how frequently assets should be tested for impairment. 2. Describe the possible incators of impairment. 3. Explain how an impairment loss is accounted for after it has been calculated.

Research & Development costs:  A)Are included in the cost of a patent on the balance sheet B) Should be expensed C) Are amortized over the useful life of the patent D) Both A&B are correct