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Unit 3 Acc 21, IAS 40- Investment property, IAS 38- Intangible Assets -…

- - - - Is separable, ie. is capable of being separated or divided from the entity and sold, transferred, licensed, rented or exchanged, either individually or together with a related contract, identifiable asset or liability, regardless of whether the entity intends to do so
      - Arises from contractual or other legal rights, regardless of whether those rights are transferrable or separable from the entity or from other rights and obligations
- - - - Same as for PPE, fair value of asset that has been given up
    - - Cost price of business less carrying value of business (FV)
      - Recognise purchased goodwill as an intangible asset
      - Do not recognise internally generated goodwill
    - - Recognise identifiable intangible assets at their fair value at the acquisition date
      - All other non-identifiable assets as part of goodwill
    - - Research cost- Expensed and never capitalised
      - Development cost- Expensed unless comply with criteria, then capitalised as intangible asset
      - Past expenses can't be part of intangible asset later when asset complies with criteria
    - - Recorded at cost including import duties, non refundable taxes and subtract discount.
      - Add any costs direct attributable such as employee cost, professional fees and cost of testing asset