Asked by Earline Bullard on September 08, 2021
Categories: Business and finance Mergers and acquisitions
Rating: 4.4/5 (47 votes)
An intangible asset is an identifiable non-monetary asset without physical substance. Internally generated goodwill is within the scope of IAS 38 but is not recognised asan asset because it is not an identifiable resource.
Is goodwill impairment an operating expense? The impairment loss does not exceed the total of the recognised and unrecognised goodwill so therefore it is only goodwill that has been impaired. In the group statement of profit or loss, the impairment loss of $30 will be charged as an extra operating expense. There is no impact on the NCI.
How do you account for a patent under IFRS? As such, the accounting for a patent is the same as for any other intangible fixed asset, which is: Initial recordation. Record the cost toacquire the patent as the initial asset cost.
Consider the following additional points when accounting for patents:
- R&D expenditures.
- Useful life.
- Capitalization limit.
What is the difference between an impairment and a negative revaluation? In cases of negative revaluation – i.e. when an asset's book value decreases due to impairment – the loss should be written off against any revaluation surplus. If the loss exceeds the surplus, or if there is no surplus, the difference should be reported as an impairmentloss.
Can you amortize goodwill under IFRS? Under US GAAP andIFRS, goodwill is never amortized, because it is considered to have an indefinite useful life. Instead, management is responsible for valuing goodwill every year and to determine if an impairment is required.
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