FAC3764 Assessment 4

FAC3764
Assessment 4 2023
Indicate whether the following statement is true or false:
Before an item may be recognised as an intangible asset, the entity must have cont
rol over that item.



Indicate whether the following statement is true or false:
Before an item may be recognised as an intangible asset, the entity needs to have
legally enforceable rights over the future economic benefits expected from that item.



Indicate whether the following statement is true or false:
Costs involved in the development phase that fail to meet the criteria necessary for
capitalisation would be expensed but may be capitalised in a subsequent period if
the criteria for capitalisation are subsequently met.




Indicate whether the following statement is true or false:
Customer lists, brands and goodwill that have been internally generated may never
be capitalised.




Indicate whether the following statement is true or false:
The entity is required to estimate the recoverable amounts of intangible assets that
are ‘not yet available for use’ whether or not there is an indication of impairment.
However, if a recent and detailed calculation of such an asset’s recoverable amount
existed from a prior year, it is possible, under certain circumstances, for yet another,
revised calculation of the estimated recoverable amount to be avoided (and the prior
but recent estimation of recoverable amount to be used instead).