Capturing value in financial statements

What standard currently generally covers the treatment for most technology assets?

IFRS 8

IAS 38

IFRS 3

IAS 20

Which of these describes the problem identified in the article relating to the financial reporting in tech-based firms?

The assets are overvalued

The gearing is understated

The useful lives selected by many entities is far too long

The market capitalisation far outweighs the net asset valuation

When can research and development criteria be capitalised?

When the development criteria are met

Only from the launch of the project

Never

From the beginning of the research

Which of the following is covered in the IASB's objective of financial reporting? Item 1 - To provide information about the performance, position and changes in position of an enterprise, or Item 2 - To provide information which is useful to a broad range of users -

Item 1 only

Both items

Neither item

Item 2 only

Which of the following internally generated costs could be recognised as an asset?

Marketing costs on developing a new brand

The costs developing a new production method which is proved to save costs

The internally generated goodwill recognised over time in an entity

None of these

What is the following treatment for the acquisition of a database acquired from another entity?

No entries would be made in the financial statements

Expense in the statement of profit or loss

Capitalise at cost

Only capitalise the professional fees associated with the acquisition

When was IAS 38 Intangible Assets written?

2018

1988

2008

1998

Which of the following intangibles is unlikely to be held under the revaluation model in a company's financial statements?

An acquired patent

All of the these

Development costs associated with a new product

A purchased brand

Which, if any, of the following statements is correct? Statement 1 – IAS 38 allows a periodic revaluation of all intangible assets, or Statement 2 – Once an item of research becomes viable, all previous costs can then be capitalised as an intangible asset

Statement 1 only is correct

Statement 2 only is correct

Neither statement is correct

Both statements are correct

In a business combination, how are internally-generated assets of a subisidiary treated for the consolidated financial statements?

Ignored but disclosed in the notes as a key acquisition reason

Held as a reserve in equity

Included within assets at fair value

Expensed in the statement of profit or loss

Capturing value in financial statements

What standard currently generally covers the treatment for most technology assets?

Which of these describes the problem identified in the article relating to the financial reporting in tech-based firms?

When can research and development criteria be capitalised?

Which of the following is covered in the IASB's objective of financial reporting? Item 1 - To provide information about the performance, position and changes in position of an enterprise, or Item 2 - To provide information which is useful to a broad range of users -

Which of the following internally generated costs could be recognised as an asset?

What is the following treatment for the acquisition of a database acquired from another entity?

When was IAS 38 Intangible Assets written?

Which of the following intangibles is unlikely to be held under the revaluation model in a company's financial statements?

Which, if any, of the following statements is correct? Statement 1 – IAS 38 allows a periodic revaluation of all intangible assets, or Statement 2 – Once an item of research becomes viable, all previous costs can then be capitalised as an intangible asset

In a business combination, how are internally-generated assets of a subisidiary treated for the consolidated financial statements?

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