Lesson 9 Intangibles

Question 1

When is Goodwill recognized in the balance sheet?

Answer 1

When realized through the purchase of a business

Question 2

Under IFRS define Intangible

Answer 2

Identifiable non monetary asset without physical substance

Question 3

Direct cost related to a R&D patent are capitalized but not the

Answer 3

Patent

Question 4

Cost associated developing a new idea for a product must be

Answer 4

Extended immediately as R&D expense

Even if it leads to issuance of a patent

Question 5

Litigation cost should be capitalized if ?

Answer 5

The patient right is successfully defended