Intangible Assets Flashcards
1
Q
What aintengible assets are subject to recoverability test
A
intangible assets with limited useful life(patent).
The recoverability test into consideration undiscounted cash flow into consideration.
If the carrying value is greater than fair value test would be performed.
2
Q
How to treat crypto currency?
A
crypto currency is treated as intangible asset which has indefinite life if all the criteia met as per GAAP.
It is measured as fair value and changes from remeasurement are reflected incurrent period net income.
3
Q
A
