According to IAS 38/AASB 138 Intangible Assets That Have Been

question 23

Multiple Choice

According to IAS 38/AASB 138 intangible assets that have been established to have finite useful lives:

• A) should be amortised on a systematic basis over their useful lives.
• B) amortised over their legal lives.
• C) should not be amortised but tested each year for impairment.
• D) should be amortised over a period not exceeding 20 years.

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Definitions:

Complimentary

Given for free or without charge, often as a gesture of goodwill or as part of a promotional offer.

Customer Benefit

The value or advantage that a customer gains from using a product or service, leading to satisfaction or resolving a problem.

Product

An item or service offered by a company to customers, which can be physical (goods) or intangible (services).

RedMax Brand

A brand known for its outdoor power equipment, such as leaf blowers, trimmers, and chainsaws, targeting both professional and residential use.