- 20 Marks
FRPA – APRIL 2024 – L3 – Q3 – IAS 38 Intangible Assets
Define intangible asset, explain recognition criteria, state five disclosure requirements, explain research and development expenditure, and conditions for capitalisation per IAS 38.
Question
IAS 38: Intangible Assets defines the difference between Research Expenditure and Development Expenditure IAS 38 also lays down rules which must be applied to the Capitalisation of Research and Development Expenditure
You are required to: i. Define an Intangible Asset under IAS 38: Intangible Assets. ii. Explain the Recognition Criteria for Intangible Assets. iii. State five (5) Disclosure Requirements of Intangible Assets under IAS 38 iv. Explain the meaning of the terms Research Expenditure and Development Expenditure. v. Explain the conditions applied to Research and Development Expenditure, according to IAS 38, to determine whether or not the cost should be capitalised. (20 marks)
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