CH. 8 - Intangibles Flashcards
1
Q
How do we test for impairment?
A
Annually and we compare that information by Fair Value against the Carrying Value
2
Q
Research and Development (R&D) must be expensed as ___________
A
Incurred/Immediately except for Legal Fees
3
Q
What is Goodwill?
A
Intangible Asset with an indefinite life that is tested for impairment rather amortized.
Public Companies will test annually
4
Q
How does IFRS provide methods for Accounting Intangibles?
A
1) Cost Method
2) Revaluation Method
