Under IAS 38/AASB 138, Which Statement Concerning Internally Generated Intangible

question 33

Multiple Choice

Under IAS 38/AASB 138, which statement concerning internally generated intangible assets is not true?

• A) They can only be recognised if their cost can be measured reliably.
• B) It is likely that the cost of internally generated brand names, mastheads and customer lists can be measured reliably.
• C) The tests for recognising internally generated intangibles are more stringent than for recognising internally generated property, plant and equipment.
• D) If patents and copyrights are deemed to be in the research phase all expenditure incurred should be expensed rather than capitalised.

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Definitions:

Intrapersonal Intelligence

The ability of an individual to understand oneself, including one's emotions, motivations, and thoughts, leading to effective self-management and personal development.

Focusing Inward

Directing attention towards one's internal state, thoughts, and feelings, often as a method of self-reflection or personal development.

Personal Instincts

Natural or intuitive ways of acting or thinking that arise from one’s personal inclinations.

Logical-mathematical Intelligence

One of Howard Gardner's multiple intelligences, highlighting the capacity to understand logical reasoning and mathematical concepts.