Exam 6: Intangible Assets

Cost incurred on intangible assets subsequent to initial expenditure are:

AASB 138 Intangibles, defines the 'research' phase of the generation of an asset as:

AASB 138 Intangibles requires that an asset meet which of the following criteria to be classified as an identifiable intangible? I. It arises from a contractual or legal right. II. It is separable from the entity. III. Its cost must be reliably measurable. IV. Its fair value must be able to be reliably measured.

AASB 138 Intangibles requires which of the following items to be disclosed in relation to intangibles?

Jameson Limited was involved in a mining exploration business. It commenced a project to design more efficient opal detecting equipment. The following expenditures occurred during the financial year ended 30 June 2022: researcher's salary $50 000; research consumables $30 000; re-development of the detecting equipment $40 000; final adjustments to the detecting equipment $12 500. The amount to be capitalised by this company as an intangible asset, for the 2022 financial year, is:

Unless acquired under a business combination, intangible assets must be initially measured using which of the following measurement approaches?

Under the revaluation method of measuring an intangible, the asset is carried at fair value and subject to charges for:

When an intangible asset is acquired by an exchange of assets, which of the following measures will need to be considered in the determination of cost?

Paragraph 63 of AASB 138 Intangibles, prohibits the recognition of the following internally generated identifiable intangibles: I II III IV Brands No No Yes No Mastheads No Yes Yes Yes Publishing titles No No Yes Yes Customer lists No Yes Yes No

The three key characteristics of intangible assets are: I Expected future econorric benefit II Lack of physical substarice III Identifiable IV Physical substarce V Non-monetary in nature

The original and planned investigation undertaken with the prospect of gaining new knowledge is described as:

Under AASB 138 Intangibles, an intangible asset with an finite useful life is:

Which of the following statements is correct?

Bankstown Limited was involved in a highly successful plastics manufacturing business. It commenced a project to design a more efficient extrusion system for its plastic pipes. The following outlays occurred: September: researcher salaries $30 000; October: research materials $40 000; November: re-development of the extrusion plant $250 000; December: final adjustments to the extrusion plant $25 000. The amount to be expensed by Bankstown Limited at the end of the financial year, 31 December, is:

Which of the following assets is regarded as meeting the identifiability criteria for recognition as an identifiable intangible asset that may be acquired in a business combination?

The measurement of fair value is determined in accordance with AASB 13 Fair Value Measurement. AASB 13 defines fair value as one that has all of the following conditions: I II III IV The price that would be received to sell arI asset or paid to traresfe a liability Yes Yes No Yes Is arl orderly trarsaction between market participarts No Yes No Yes Based or the measurement date. Yes Yes Yes No

AASB 138 Intangibles, requires goodwill to only be recognised as an asset if it:

A key characteristic that separates intangible assets from assets such as property, plant and equipment is:

The cost of an intangible asset is comprised of the fair value of the consideration:

Which of the following assets meets the identifiability criteria for recognition as an identifiable intangible asset that can be recorded as acquired in a business combination?