According to the Most Current FASB Standards, Intangible Assets Acquired

Multiple Choice

According to the most current FASB standards, intangible assets acquired in a basket purchase which represents the acquisition of an entire business should be

A) valued by allocating the total purchase price according to the relative fair values of all assets acquired, regardless of whether the assets are separately tradeable or contract based.
B) valued by allocating the total purchase price according to the relative fair values only of intangible assets that are separately tradable or contract based.
C) valued by recording separately traded and contract based intangible assets at their individual fair values with any unallocated purchase price being recognized as goodwill.
D) valued by recording separately traded and contract based intangible assets at their individual fair values with any unallocated purchase price being expensed in the year of acquisition.