IAS 38 States That an Intangible Asset Is Deemed to Have

question 38

Multiple Choice

IAS 38 states that an intangible asset is deemed to have an indefinite life when there is no foreseeable end to the expected cash flows the asset is likely to generate. What is the impact of an indefinite life on amortization of the intangible asset's cost under IAS 38?

• A) Management may choose any number of years over which to amortize the cost.
• B) No amortization is taken as long as the life is considered indefinite.
• C) The cost of the asset should be amortized over 20 years.
• D) The cost of the asset should be expensed in the period the intangible asset is acquired.

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Definitions:

Male and Female Clothing

Refers to attire specifically designed or traditionally worn by men or women, often reflecting societal norms and cultural expectations about gender.

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A cognitive framework that organizes information related to gender perceptions and behaviors.

Cognitive Social Learning Theory

An approach in psychology that emphasizes the role of observational learning, social experience, and reciprocal determinism in the development of personality.

Gender Roles

The societal norms dictating the behaviors, activities, expectations, and roles considered appropriate for men and women.