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IAS 38: INTANGIBLE ASSETS

TRUE OR FALSE:

1. Amortization is the systematic allocation of the depreciable amount of an intangible


asset over its useful life.
2. Historical amount is the amount at which an asset is recognized in the statement of
financial position after deducting any accumulated amortization and impairment losses
thereon.
3. Cost is the amount of cash or cash equivalents paid or the fair value of other
consideration given to acquire an asset at the time of its acquisition or construction, or,
when applicable, the amount attributed to that asset when initially recognized in
accordance with the specific requirements of other IFRSs.
4. An impairment loss is the amount by which the carrying amount of an asset exceeds its
recoverable amount.
5. Monetary assets are money held and assets to be received in fixed or determinable
amounts of money.
6. Intangible assets must not be identifiable in order to distinguish it clearly from goodwill.
7. Initial operating losses in not a capitalized as cost of an intangible asset.
8. Initially, intangible asset is measured at cost
9. Franchise is an intangible asset
10. After initial recognition, an entity shall choose either that cost model or fair value model
as its accounting policy.
11. The objective of IAS 38 is to prescribe the accounting treatment for intangible assets that
are not dealt with specifically in another IFRS.
12. Intangible asset is an identifiable non-monetary asset with physical substance.
13. Monetary assets are money held and assets to be received in fixed or determinable
amounts of money.
14. Brands, mastheads, publishing titles, customer lists and items similar in substance that
are internally generated should not be recognised as assets.
15. Intangible assets may be carried at a revalued amount (based on fair value) less any
subsequent amortisation and impairment losses only if fair value can be determined by
reference to an active market.
16. Expenditure on advertising and promotion never gives rise to the acquisition of an
intangible asset.
17. Negative goodwill arising on a business combination should be shown as a negative
asset in the statement of financial position.
18. Goodwill is only recorded when the value of a company increases and not when it
decreases in value.
19. Research and development costs should be capitalized to match the period of benefit.

20. The systematic write-off of intangible assets to expense is called depletion

MULTIPLE CHOICE:

1. An active market is a market in which all the following conditions exist:


A. The items traded in the market are homogeneous;
B. Willing buyers and sellers can normally be found at any time; and
C. Prices are available to the public.
D. Controlled by an entity as a result of past event

2. Examples of directly attributable costs are, expect for one:


A. Costs of employee benefits arising directly from bringing the asset to its working
condition;
B. Professional fees arising directly from bringing the asset to its working condition; and
C. Costs of introducing a new product or service
D. Costs of testing whether the asset is functioning properly

3. The following are examples of expenditures that are not part of the cost of an intangible
asset, except?
A. Costs of introducing a new product or service (including costs of advertising and
promotional activities);
B. Professional fee
C. Costs of conducting business in a new location or with a new class of customer
(including costs of staff training); and
D. administration and other general overhead costs.

4. What are the factor that are considered in determining the useful life of an intangible asset?
I. Technical, technological and other type of obsolescence
II. Unexpected usage of the asset by the entity
III. Stability of the industry which the asset operates
IV. Level of maintenance required to obtain the expected useful future economic benefits
from the asset.
A. I only
B. I & II
C. I, III, IV
D. ALL OF THE ABOVE

5. The following are the three essential criteria in the definition of an intangible asset, expect:
A. Inseparability
B. Identifiability
C. Control
D. Future economic benefits

6. An intangible asset is defined as


A. An identifiable asset without physical substance
B. A non-monetary asset without physical substance
C. An identifiable non-monetary asset without physical substance
D. An identifiable monetary and non-monetary asset without physical substance

7. Which of the following items does not qualify as an intangible asset?


A. Computer software
B. Registered patent
C. Copyright that is protected
D. Notebook computer

8. A consideration in determining the useful life of an intangible asset is not the


A. Legal, regulatory or contractual provision
B. Provision for renewal or extension
C. Initial cost
D. Obsolescence

9. Broadcast rights and franchises are an example of which category of intangible asset?
A. Market-related
B. Customer-related
C. Artistic-related
D. Contract-based

10. A trademark is an example of which category of intangible asset?


A. Market-related
B. Customer-related
C. Artistic-related
D. Contract-based

11. The three critical attributes of an intangible asset are the following except:
A. Identifiability
B. Control
C. Future economic benefits
D. Recognition of liability

12. The following are examples of intangible assets except:


A. Patented technology
B. Computer software
C. Equipment
D. Franchise agreements

13. Intangibles can be acquired by the following except:


A. Donation
B. Government grant
C. As part of business combination
D. Separate purchase

14. Intangible assets are initially measured at:


A. FV less cost to sell
B. Amortized cost
C. Cost
D. Fair value

15. IAS 38 was revised in:


A. March 2004
B. April 2004
C. May 2004
D. June 2004

16. Goodwill does not fall within the IAS38 definition of an intangible asset because:
A. It is a monetary asset
B. It is not separable
C. It may not generate future economic benefits
D. None of the above

17. Which of the following would not be included in the cost of a separately acquired intangible
asset?
A. Non-refundable value added tax
B. Employee costs incurred in preparing the asset for its intended use
C. Costs incurred in using the asset
D. Testing costs

18. How should research and development expenditure be dealt with in an entity's financial
statements?
A. Research and development expenditure should always be written off as an expense
B. Research and development expenditure should always be capitalised as an intangible
asset
C. Research expenditure should always be written off as an expense but development
expenditure should always be capitalised as an intangible asset
D. Research expenditure should always be written off as an expense but development
expenditure should be capitalised as an intangible asset if it satisfies certain conditions

19. The revaluation model cannot be used for the measurement of an intangible asset unless:
A. The asset is revalued every year
B. The fair value of the asset is determined by a professional valuer
C. There is an active market in that type of asset
D. The revaluation model is also used for tangible assets

20. The amortisation method used in relation to an intangible asset should be chosen so as to:
A. Write off the asset as soon as possible
B. Reflect the usage pattern of the asset
C. Evenly spread the cost of the asset over its useful life
D. Maximise the amortisation charge in the early years of the asset's useful life
IAS 38 ASWERS

TRUE OR FALSE
MULTIPLE CHOICE:
1. T
2. F 1. D
3. T 2. C
4. T 3. B
5. T 4. C
6. F 5. A
7. T 6. C
8. T 7. D
9. T 8. C
10. F 9. D
11. T 10. A
12. F
11. D
13. T
12. C
14. T
13. A
15. T
14. C
16. T
15. A
17. F
16. B
18. F
17. C
19. F
18. D
20. F
19. C
20. B