Explain the measurement and reporting of intangible assets. - Intangible assets are recorded at cost, which is

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Explain the measurement and reporting of intangible assets.

- Intangible assets are recorded at cost, which is any expenditure necessary to acquire the asset and prepare it for use.

- If the intangible asset has a finite life, it is amortized over the shorter of the economic and legal life of the asset.

- If the intangible asset has an indefinite life, it is not amortized but is reviewed at least annually for imipairment.

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Cornerstones Of Financial Accounting

ISBN: 9780176707125

2nd Canadian Edition

Authors: Jay Rich, Jefferson Jones, Maryanne Mowen, Don Hansen, Donald Jones, Ralph Tassone

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Question Posted: Jun 07, 2024 01:21 AM

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Explain the measurement and reporting of intangible assets. - Intangible assets are recorded at cost, which is

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Cornerstones Of Financial Accounting

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