Exam 15: Understanding Australian Accounting Standards

Which of the following assets is regarded as meeting the identifiability criteria for recognition as an identifiable intangible asset that may be acquired in a business combination?

Under the revaluation method of measuring an intangible, the asset is carried at fair value and subject to charges for:

For an asset to be classified as an identifiable intangible, AASB 138 Intangibles requires that it meet which of the following criteria? I. It arises from a contractual or legal right. II. Its fair value must be able to be reliably measured. III. It is separable from the entity. IV. Its cost must reliably measurable.

Which of the following assets is regarded as meeting the identifiability criteria for recognition as an identifiable intangible asset that can be recorded as acquired in a business combination?

The cost of an intangible asset is comprised of the fair value of the consideration:

AASB 138 Intangibles, requires that an intangible asset with a finite life:

When subsequent expenditure on intangible assets occurs the costs are:

Which of the following statements is correct?

The recognition criteria that an asset must meet before it may be recognised and presented in the financial statements include:

Under AASB 138 Intangibles, goodwill may only be recognised as an asset if it:

The original and planned investigation undertaken with the prospect of gaining new knowledge is described as:

The characteristic that distinguishes the goodwill from other intangible assets is:

Parsons Limited was involved in a highly successful plastics manufacturing business. It commenced a project to design a more efficient extrusion system for its plastic pipes. The following outlays occurred: January Research salaries $50 000 February Research materials $30 000 March re-development of the extrusion plant $400 000 April Final adjustments to the extrusion plant $25 000. The amount to be expensed by this company at the end of the financial year, 30 June, is:

A key characteristic that separates assets such as property, plant and equipment from intangible assets is:

The two key characteristics of intangible assets are that they are identifiable and that they:

Under AASB 138 Intangibles, an intangible asset with an indefinite useful life is:

Which of the following statements is NOT correct?

Which of the following is a technique proposed by the Initial Accounting for Internally Generated Intangible Assets Discussion Paper to account for internally generated intangibles?

Unless acquired under a business combination, intangible assets must be initially measured using which of the following measurement approaches?

When an intangible asset is acquired by an exchange of assets, which of the following measures will need to be considered in the determination of that cost?