Intangibles

Question 1

What is intangible is defined under IFRS?

Answer 1

An identifiable non-monetary asset without physical presence

Question 2

Computer software costs - when the software is developed for internal use only, which costs are expensed and which costs are capitalized?

Answer 2

Costs incurred in the preliminary project stage as well as costs incurred in training, data conversion and maintenance, should be treated as research and development costs
Costs incurred after the preliminary project stage and for upgrades and enhancements, should be capitalized and amortized on a straight-line basis.