Intangibles reform – ready for it?

Which of these items is not being considered under the project?

Recognition of items

Scope of the project

Definition of intangibles

Disposal gains on items

When was IAS 38, Intangible Assets, issued?

1998

2018

1982

2004

Which of the following items is currently not within the scope of IAS 38, Intangible Assets?

Acquisition of a brand

Exploration of a mining operation

Development costs of a new product

Acquisition of a patent

Which of these internally generated items could be capitalised under IAS 38?

Development of a new product

Research into a new product

Brand name

Goodwill

What rule applies to the revaluation of intangible assets?

Revaluations must be taken to the statement of profit or loss

Revaluations can be performed only if an active market exists

Revaluation must be performed annually

Revaluation is not permitted

How many potential areas is the IASB looking at under the project?

Four

Five

Six

Two

Which criteria must be met in order to capitalise development costs?

Contracts must be in place

The item must be technically feasible

The item must be a standalone product

None of the other answers is correct

Which of the following statements is correct regarding the feedback from research? Statement 1, It is noted that it would be good to recognise more internally generated intangibles. Statement 2, There is asymmetry between internally generated intangibles and acquired intangibles

Statement 2 only is correct

Statement 1 only is correct

Neither statement is correct

Both statements are correct

What is the current status of IAS 38 on the IASB's workplan?

A new standard is being issued

An exposure draft has been issued

The results of research are being reviewed

It is not on the workplan

Which, if any, of the following statements is correct? Statement 1, Internally generated intangible assets can be recognised at fair value in consolidated financial statements. Statement 2, All intangible assets are subsumed into goodwill in the consolidated financial statements

Statement 1 only is correct

Both statements are correct

Neither statement is correct

Statement 2 only is correct

Intangibles reform – ready for it?

Which of these items is not being considered under the project?

When was IAS 38, Intangible Assets, issued?

Which of the following items is currently not within the scope of IAS 38, Intangible Assets?

Which of these internally generated items could be capitalised under IAS 38?

What rule applies to the revaluation of intangible assets?

How many potential areas is the IASB looking at under the project?

Which criteria must be met in order to capitalise development costs?

Which of the following statements is correct regarding the feedback from research? Statement 1, It is noted that it would be good to recognise more internally generated intangibles. Statement 2, There is asymmetry between internally generated intangibles and acquired intangibles

What is the current status of IAS 38 on the IASB's workplan?

Which, if any, of the following statements is correct? Statement 1, Internally generated intangible assets can be recognised at fair value in consolidated financial statements. Statement 2, All intangible assets are subsumed into goodwill in the consolidated financial statements

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