intangible asset Archives - ACCOUNTING CLASS

2020 Updated list of International Accounting Standards (IAS)

6 Comments / ACCA F7, ACCA P2, EARNING PER SHARE IAS 33, financial accounting, IAS 10, IAS 16, IAS 2, IAS 20, IAS 21, IAS 33, IAS 36, IAS 37, IAS 40, IAS 41, IAS 7, IAS 8 / By Amidu Edson

The following are the list of updated international accounting standards (IAS) in 2020:

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What is intangible asset?

1 Comment / financial accounting / By Amidu Edson

An intangible asset is an identifiable non monetary asset without physical substance.
Guidelines for recognition, measurement and disclosure on intangible assets is given in IAS 38 intangible assets.

An asset is defined under the conceptual framework as a resource controlled by an entity as a result of past transactions and events, and from which … Read the rest

Revision question on financial accounting – Delali ltd

Leave a Comment / ACCA F7, financial accounting, Intangible assets / By Amidu Edson

Delali Ltd adopts revaluation model for subsequent measurement of its intangible assets in accordance with IAS 38: Intangible assets. The policy of Delali is to revalue its intangible asset at the end of each year. An intangible asset with an estimated useful life of 9 years was acquired on 1 January 2016 for GH¢45,000. It was revalued to GH¢54,400 … Read the rest

6 necessary conditions for recognizing development cost as intangible assets.

2 Comments / ACCA P2, financial accounting / By Amidu Edson

According to IAS 38 intangible assets, development expenditure are capitalized if the entity can demonstrate the following conditions

The technical feasibility of completing the intangible asset so that it will be available for use or for sale
Its intention is to complete the intangible asset and use or sell it
Its ability to use

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