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Inter. Accting 2

Intangible Assets

characteristics of intangible assets lack physical existence (derive value from the rights/privileges granted to the company using them); are not financial instruments
purchased intangible assets should be recorded... at cost
internally created intangibles should be... expensed except for directs costs, which should be capitalized
amortization the allocation of the cost of intangible assets in a systematic way; means depreciation
amorization of limited life intangibles amortize over their useful life (periods over which these assets will contribute to cash flows)
amorization of indefinite life intangibles no amorization
impairment test for LLI recoverability test and then fair value test
impairment test for ILI fair value test
Goodwill measured at the excess of the purchase price over the fair value of the identifiable net assets purchased; only way to sell goodwill is to sell the business
recording internally created goodwill should not be capitalized
goodwill write off companies adjust its carrying value only when goodwill is impaired
bargain purchase the purchaser in a business combination pays less than the fair value of the identifiable net assets; amount is recorded as a gain by the purchaser
recoverability test sum of expected future net cash flows is less than carrying amount(aka book value) of the assets, the company would measure and recognize an impariment loss
fair value test comparing the asset's fair value with its carrying amount; carrying value-fair value=loss on impairment
impairment on goodwill (2 step process) fair value test on reporting unit, then fair value on implied goodwill
fair value test on implied goodwill (implied value of goodwill= fv-nia(excluding goodwill)
2 difficults with accounting for R&D 1) identifying the costs associated with particular activities and 2) determining the magnitude of the futre benefits and length of time over which such benefits may be realized
R&D must be... expensed when incurred
research activites planned search or critical investigation aimed at discovery of new knowledge
development activities translation of research findings into a design for a new product or process
operating losses incurred during the start-up years of a new business should be... accounted for and reported like the operating losses of any other business
Created by: SweetCheeks0707



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