For an Asset to Be Classified as an Identifiable Intangible

question 14

Multiple Choice

For an asset to be classified as an identifiable intangible, IAS 38 Intangibles requires that it meet which of the following criteria?
I) It arises from a contractual or legal right.
II) Its fair value must be able to be reliably measured.
III) It is separable from the entity.
IV) Its cost must reliably measurable.

• A) I or IV only;
• B) I or II only;
• C) II or III only;
• D) I or III only.

---

Definitions:

Balance Sheet

A financial statement that gives a snapshot of a company’s financial condition at a specific time, detailing assets, liabilities, and shareholders' equity.

Income Statement

A financial document that presents a company's revenues, expenses, and profit over a specific period, typically a quarter or year.

Balance Sheet

A financial statement that summarizes a company's assets, liabilities, and shareholders' equity at a specific point in time, showing the balance of income and expenditure over the preceding period.

Period Of Time

A specific duration marked by a start and end date or time.