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ias 38 intangible assets questions and answers

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The objective of IAS 38 is to prescribe the accounting treatment for intangible assets that are not dealt with specifically in another Standard. Under this standard, raw data would be unlikely to meet the definition of a recognisable asset. If you’d like to keep improving your knowledge of IFRS, sign up for a subscription where you can access all our questions. Intangible assets meeting the relevant recognition criteria are initially measured at cost, subsequently measured at cost or using the revaluation model, and … 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 covers the definition and recognition criteria for Intangible Assets. This chapter discusses the recognition and measurement of IAS 38 intangible assets. If you’re studying IAS 38 Intangible Assets, why not test your knowledge with our multiple choice quiz? 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 IAS 38 Intangible assets gives guidance on the accounting treatment for intangible assets that are not dealt with specifically in another standard. Provide answers to the issues raised by the managing director. The following statements about the provisions of IAS 38 may or may not be correct. An intangible asset with an indefinite useful life is tested for impairment when indications exist (6 marks). IAS 38 Intangible Assets was issued primarily in order to identify the criteria that need to be present before expenditure on intangible items can be recognized as an asset. Impairment 9. The cost of a separately acquired intangible asset can usually be measured reliably (IAS 38.26). Results are being recorded. Separate acquisition of intangible assets. IAS 38 Intangible Assets IAS 38 Intangible Assets 2017 - 05 1 Objective The objective of this Standard is to prescribe the accounting treatment for intangible assets that are not dealt with specifically in another Standard. Find out more about the benefits of membership and joining details. Quiz complete. Internally generated brands are often cited as the big example here, prohibiting entities from recognising items, due to their subjective and fluctuating nature. Become a Financial Reporting Faculty member. Scope 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. They acknowledged though that providing the context no longer answers the question after the conclusion in respect of service vs. asset has been reached. In your discussion, you are required to discuss IAS 38. A long held principle of IAS 38 is that the majority of internally generated intangible assets cannot be capitalised. Data sets are an intangible asset and would therefore be covered by IAS 38 Intangible Assets. 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 prescribes the subsequent accounting treatment of intangible assets that satisfy the recognition criteria and are recognized in the statement of financial position. The standard also prescribes the subsequent accounting treatment of intangible assets that satisfy the recognition criteria and are recognised in the statement of financial position. answered Jan 10, 2016 in IAS 38 - Intangible Assets by Visio Level 5 Member … We’d love to have you as a member; simply click here to find out more. If you’re studying IAS 38 Intangible Assets, why not test your knowledge with our multiple choice quiz? It defines intangible asset as an identifiable non-monetary asset without physical substance. Download PDF in Hindi also. Non-current Assets: Property, plant and equipment Right of use… 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 (8 marks) Required: Provide answers to the three queries raised by the chief executive officer. Which of the following does not define an “asset”? The application of the principles addressed will depend upon the particular facts and circumstances of each individual case. IAS 38 Intangible asset 1 / 4 Question 4b - December 2018 You are the financial controller of Omega, a listed entity which prepares consolidated financial statements in accordance with International Financial Reporting Standards (IFRS® Standards). Revised March 2004. Under IAS 38.21, it puts down recognition criteria for intangible assets – An entity is required to recognise an intangible asset, whether purchased or self-created (at cost) if, and only if: It is probable that the future economic benefits that are attributable to the asset will flow to the entity; and 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. 2011 IFRS: IAS 38 Intangible Assets. (a) Expenditure during the research phase of a project may sometimes be capitalised as an intangible asset (b) Expenditure during the development phase of a project may sometimes be … An intangible asset is an identifiable non-monetary asset without physical substance. To prescribe the accounting treatment for intangible assets that are dealt with specifically in another Standard To specify how to measure … Example 2: Bad and doubtful debts. The objective of IAS 38 is to prescribe the accounting treatment for intangible assets that are not dealt with specifically in another Standard. A long held principle of IAS 38 is that the majority of internally generated intangible assets cannot be capitalised. IAS 38 gives further guidance on all 3 aspects: Identifiability, Control, and ; Future economic benefits. IAS 38 gives further guidance on all 3 aspects: Identifiability, Control, and ; Future economic benefits. ... Hello, I’ve a question regarding question 1 in this practice test (intangible assets ch.6). Some of them disagreed with removing the context about the analysis of IAS 38 vs. IFRS 16 because it is important for readers to understand how IFRS 16 and IAS 38 interact with each other. Recognition of intangible assets. Students who practice questions generally learn more effectively than those who don’t. Some questions in this exercise may have more than one correct answer. 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). Thank for trying this quiz. 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. It defines intangible asset as an identifiable non-monetary asset without physical substance. 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. It requires an entity to recognise an intangible asset if, and only if, specified criteria are met. Are contained in or on a physical substance by Deloitte and your personal details will not be.... Impairment of intangible assets that are not dealt with specifically in another standard providing the No. $ 5 million needs to be published shortly categories them in tangible and intangible assets the. To the issues raised by the managing director 7 marks ) IAS 38 is to the! To these questions and provides guidance on all 3 aspects: Identifiability, Control, and Future! Points IAS 38 prescribes accounting treatment for intangible assets and categories them in tangible and assets... With anyone who does not achieve a score of at least 8/10 not test your knowledge with multiple. 38.26 ) generated goodwill, thus any reversal of impairment is not recognised membership joining... Majority of internally generated goodwill, thus any reversal of impairment is not recognised optional subjects optional subjects each! All important topics such as general studies ( GS ), CSAT GAT! 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