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:

Birth Order

The rank or position of an individual within their family, determined by the timing of their birth relative to their siblings.

Abnormal Levels

Atypical quantities or concentrations of substances or characteristics, often indicating a health issue or anomaly.

Dopamine

A neurotransmitter involved in regulating mood, motivation, and reward.

Dissociative Fugue

A rare psychological state in which a person temporarily loses their sense of personal identity and impulsively wanders or travels away from their usual surroundings.