Exam 6: Intangible Assets

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:

AASB 138 Intangibles, requires that an intangible asset with a finite life:

Items such as market knowledge, effective advertising programs, fundraising capabilities and trained staff are NOT regarded as assets because they:

Which of the following statements is correct:

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

When subsequent expenditure on intangible assets occurs the costs are:

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

The recognition criteria that an asset must meet before it may be recognised and presented in the financial statements include:

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

Wojtowicz Limited was involved in a mining exploration business. It commenced a project to design more efficient gold detecting equipment. The following expenditures occurred during the financial year ended 2013: researcher's salary $5000; research consumables $3000; re-development of the detecting equipment $4000; final adjustments to the detecting equipment $2500. The amount to be capitalised by this company as an intangible asset, for the 2013 financial year, is:

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 that cost:

AASB 138 Intangibles, requires that the following items in relation to intangibles, each be disclosed separately:

Under AASB 138 Intangibles, goodwill may only be recognised as an asset if it:

Paragraph 63 of AASB 138 Intangibles, prohibits the recognition of the following internally generated identifiable intangibles:

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

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:

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

The characteristic that distinguishes the goodwill from other intangible assets is:

According to the definition provided in AASB 138 Intangibles, activities undertaken in the 'research' phase of the generation of an asset may include: