Treatment of Intangible Assets and Impairments

Anonymous
timer Asked: Dec 21st, 2018
account_balance_wallet $10

Question description

Treatment of Intangible Assets and Impairments

There are a number of differences between IFRS and U.S. GAAP for the treatment of intangible assets and impairments. The information related to intangible assets in IFRS is presented in IAS 38 (“Intangible Assets”) and IFRS related to impairments is found in IAS 36 (“Impairment of Assets”).

Please highlight 3 differences between the treatment for intangibles under GAAP and IFRS.

  • Describe the accounting alternatives for intangible assets.
  • Record the amortization or impairment of intangibles.
  • Account for identifiable intangible assets including patents, copyrights, franchises, computer software costs, and trademarks, and trade names.

Tutor Answer

Eliza_Tutor
School: New York University

Hello there!😂 Please find attached and in case of anything let me know.

Surname 1
Student Name
Professor’s Name
Course Code
Date
Treatment of Intangible Assets and Impairments
Differences between the treatment for intangibles under GAAP and IFRS
Recognition:
Intangible assets are recognized at fair value under GAAP, however, under IFRS
intangibles are recognized only if an intangible asset will bring an economic benefit in future and
has got...

flag Report DMCA
Review

Anonymous
Thanks for the help.

Similar Questions
Hot Questions
Related Tags

Brown University





1271 Tutors

California Institute of Technology




2131 Tutors

Carnegie Mellon University




982 Tutors

Columbia University





1256 Tutors

Dartmouth University





2113 Tutors

Emory University





2279 Tutors

Harvard University





599 Tutors

Massachusetts Institute of Technology



2319 Tutors

New York University





1645 Tutors

Notre Dam University





1911 Tutors

Oklahoma University





2122 Tutors

Pennsylvania State University





932 Tutors

Princeton University





1211 Tutors

Stanford University





983 Tutors

University of California





1282 Tutors

Oxford University





123 Tutors

Yale University





2325 Tutors