Covid-19 and intangible assets

How does IAS 38 define an intangible asset?

A non-physical asset

A non-monetary asset without physical substance

A non-monetary asset

A non-physical asset without monetary substance

What has remained constant throughout the history of IAS 38?

That intangibles are peculiar in nature

A conservative approach in accounting for intangible assets

That there have always been sub-groups for categorising types of intangible asset

Difficulty in defining intangibility

What is particularly tricky about accounting for intangible assets?

That there is much disagreement over what constitutes intangible

That there are many types of intangibles

That the standard for accounting for intangibles has changed so much

That each intangible asset by virtue of its nature, origination, or purpose has its own peculiar attributes

How does IAS 38 define 'identifiability' of an intangible asset?

As separable

As either separable or arising from contractual or other legal rights

As arising from legal rights

As arising from contractual rights

Which of the following expenditures does not fail to meet the identifiability criterion under IAS 38?

Customer lists

Mastheads

Publishing titles

R&D work on vaccines

Why is it difficult to identify benefits from synergistic use of business assets?

Because the accounting rules are not clear in this case

Because they are naturally more complex

Because it is difficult to isolate their benefits from other assets

Because different companies account for them in different ways

Which of the following is not a condition of IAS 38?

Must be a monetary asset

The generation of probably future economic benefits

Ability to use or sell

Reliable measurement of expenditures

From which two sources do most intangible assets typically arise?

Internal or external sources

Research or development

M&A or merger

Separately acquired or internally generated

What is required for use of IAS 38's re-evaluation model?

A conservative approach

An irresolvable tension between whether an asset is identifiable

Availability of fair value measures by reference to an active market as defined in IFRS 13

A good understanding of IFRS 13

Which two features of intangible assets support a historical cost model?

They lack sensitivity to market forces and contribute directly to cashflows

They lack sensitivity to market forces and they also contribute indirectly to cashflows

They are highly sensitive to market forces and they contribute directly to cashflows

They are highly sensitive to market forces and they also contribute indirectly to cashflows

Covid-19 and intangible assets

How does IAS 38 define an intangible asset?

What has remained constant throughout the history of IAS 38?

What is particularly tricky about accounting for intangible assets?

How does IAS 38 define 'identifiability' of an intangible asset?

Which of the following expenditures does not fail to meet the identifiability criterion under IAS 38?

Why is it difficult to identify benefits from synergistic use of business assets?

Which of the following is not a condition of IAS 38?

From which two sources do most intangible assets typically arise?

What is required for use of IAS 38's re-evaluation model?

Which two features of intangible assets support a historical cost model?

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