9.05 - INTANGIBLES UNDER IFRS Flashcards
1
Q
9.05 - INTANGIBLES UNDER IFRS
Under IFRS, which of the following is a criterion that must be met in order for an item to be recognized as an intangible asset other than goodwill?
The item is identifiable and lacks physical substance.
The item’s fair value can be measured reliably.
The item is expected to be used in the production or supply of goods or services.
The item is part of the entity’s activities aimed at gaining new scientific or technical knowledge.
A
The item is identifiable and lacks physical substance.
EXPLANATION:
Under IFRS, an intangible is defined as an identifiable nonmonetary asset without physical substance.
