intangible assets
DESCRIPTION
TRANSCRIPT
FRS 138 INTANGIBLE
ASSETS
GROUP MEMBERS:MUHAMMAD HAFIZAN
(207745)NORZAIDI
(207828)LOH AIK CHUN
(214388)VENOTH
(214514)SAIFUL BASRI
(215371)
WHAT IS INTANGIBLE
ASSETS? identifiable without physical substance one of the non-monetary assets important for analytical purposes because of its potential materiality on the Statement of Financial Position of firm
Examples:
patents, customer list, artistic, copyrights, licensing, trademarks, construction permit, brands, franchise agreements, and goodwill
INTERNALLY GENERATES
GOODWILL AND INTANGIBLE ASSETS
Goodwill : exist when the companies make the
business combination determined by difference between the fair value and net assets of the
entity measured at cost
INTERNALLY GENERATES
GOODWILL AND INTANGIBLE ASSETS
Other Intangible Assets : Research phase - we will totally send the cost into Statement of Comprehensive Income under expenses Development phase - available to use, we will recognized this cost while if there are no market, it will be
the expenses
MEASUREMENT BASIS
Cost Model: Assets recorded at the initial cost of acquisition less any accumulated amortization and any accumulated impairment losses.
Revaluation Model: Assets are carried at fair value at date of the revaluation less any subsequent accumulated amortization and any subsequent accumulated impairment losses
AMORTIZATION OF INTANGIBLE ASSETS
Finite: Amortized through it useful life that was set up by the company for example for 5 or 10 years Determined after deducting its residual value
Indefinite: No annual amortization charge Shown for each period in Statement of Financial Position
RETIREMENT AND DISPOSALS
Derecognized on disposal or when no future economic benefits Gain or loss arising from derecognition shall be difference between the net disposal proceeds, and the carrying amount of the asset Intangible assets with a finite useful life does not cease when the asset becomes temporarily idle or is retired from active use
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