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

question 5

Multiple Choice

Under IAS 38/AASB 138, which statement concerning internally generated intangible assets is incorrect?

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

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Definitions:

Self-Evaluation

The process by which individuals assess their own performance, skills, and qualities, often in the context of a job role or career development.

Lack of Training

A situation where employees do not receive adequate instruction or education to perform their jobs effectively.

Internationally

Pertaining to or involving two or more countries, or extending across national boundaries.

English

A West Germanic language originating in England, now the primary language of several countries and a global lingua franca for business, science, and diplomacy.