Intangible Assets
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| The only intangible asset that has its own IAS standard, IFRS 3, is ....... | Goodwill
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| What are excluded from the IAS 38 scope? | - Intangible held for sale in ordinary course of business
- Intangible held for sale
- Deferred tax asset
- Leases
- Goodwill acquired in business combination
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| If Martell Sun Corp. sells its copyright, can this be considered for IAS 38 scope (Intangible Assets)? | No
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| If Martell Sun Corp receives the goodwill from making a business combintion with the Dayne Dawn Partnership, would this be considered for IAS 38 scope? | No
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| What fits within the scope of IAS 38 (Intangible Assets)? | - Purchased intangibles
- Intangibles acquired in a business combintion
- Internally generated intangibles
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| If Martell Sun Corp created its own intangible asset such as the Oberyn Viper trademark, can this be considered within the scope of IAS 38? | Yes
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| If Martell Sun Corp bought a copyright, can this be considered within the scope of IAS 38? | Yes
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| An intangible resource is recognized as an intangible asset if it meets these crtieria: | 1 - Identifiability
2 - Control
3 - Future economic benefits
4 - Lacks physical substance
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| An identifiability criteria can be met either as: | 1 - Separable - being separated or divided from the entity
2 - Arises from a contractual or legal right
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| Martell Sun Corp's copyright is separable from its entity, brings in future economic benefits, gives control to get future economic benefit and restrict them, and doesn't have physical appearance. Is this an intangible asset? | Yes
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| How does one recognize an intangible asset? | If the asset can bring probable future economic benefits to the entity, and its cost can be measured reliably.
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| If Martell Sun Corp's blueprint for Dornish spears cannot bring in future economic benefit but can be measured reliably, can an entity recognize the copyright as an intangible asset? | No
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| How does an entity initially measure an intangible asset? | At cost
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| The initial measurement for intangible asset excludes... (2) | Introducing new product line and operating loss
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| Martell Sun Corp introduces the Long Farewell drink and currently has a $15,000 operating loss, then does the entity include those in the initial measurement? | No
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| For an internally generated intangible assets, you ______ the research phase. | Expense
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| For an internally generated intangible asset, in the development phase, you _______ it if it meets all of the requirements. | Capitalize
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| What are the requirements to capitalize the cost for internally generated intangible assets? | - Technical feasibility
- Intention to complete
- Ability to use or sell
- Demonstrate future economic benefit
- Enough resources to complete
- Costs reliably measurable.
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| Martell Sun Corp's blueprint has technical feasibility, is useable, generate future economic benefits, is intended to be completed with enough resources. However, its cost is not reasonably measured. Can Martell Sun Corp capitalize the costs for this? | No
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| For subsequent measurement, one can use either _____ model or _______ model to assess the cost of the intangible asset. | Cost; revaluation
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| For indefinite useful life, one would test it _______ for impairment. | Annually
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| For finite useful life, one would ________ it over the lifespan. | Amortize
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| For revaluation model, an entity must have an _______ market for reference. | Active
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