AASB 138 Intangibles, Requires Goodwill to Only Be Recognised as an Asset

question 17

Multiple Choice

AASB 138 Intangibles, requires goodwill to only be recognised as an asset if it:

• A) is internally generated.
• B) is acquired as part of a business combination.
• C) does not exceed its internally recorded cost.
• D) arises as a result of creating new assets within the normal business operations.

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Definitions:

Adapting Activity

involves modifying behaviors or processes to better fit changing environments or requirements.

Hearing Aid

A device designed to improve hearing by making sound audible to a person with hearing loss.

Centenarian

An individual who has lived to or beyond the age of 100 years.

Birthday

The anniversary of the day on which a person was born, often celebrated as a special event.