Question 1. For any single intangible asset that is material to an entity's financial statements, which of the following is required to be disclosed? Select all that apply.

A. Remaining amortisation period of the intangible asset

B. Carrying amount of the intangible asset

C. Line item on the income statement which total amortization is included

D. Description of the intangible asset

Question 2. Which of the following factors affect the useful life of an asset? Select all that apply.

A. Stability of the industry in which the asset operates and changes in the market demand for the products or services output from the asset

B. Expected actions by competitors or potential competitors

C. Value of the asset and whether it was developed internally

D. Expected use of the asset and whether the asset could be managed efficiently by another management team

Question 3. Which of the following statements is/are true for internally generated intangible assets? Select all that apply.

A. Expenditures incurred in the development phase shall be capitalised if certain conditions are met.

B. Expenditures incurred in the research phase are expensed.

C. Internally generated goodwill can never be recognized as an asset.

D. An exchange of assets only has commercial substance when intangible assets are exchanged for other types of non-monetary assets

Question 4. What does the first-time adopter do if its amortization method and rates under previous GAAP are not acceptable under IFRS?

A. The entity does not restate the accumulated amortisation in its opening IFRS statement of financial position

B. The entity can choose whether it restates the accumulated amortisation in its opening IFRS statement of financial position or not

C. The entity adjusts the accumulated amortization in its opening IFRS statement of financial position retrospectively so that it complies with IFRSS

D. The entity adjusts the accumulated amortisation in its opening IFRS statement of financial position retrospectively so that it complies with IFRSS only if those differences have a material effect on the financial statements

Question 5. Which of the following criteria must be met to qualify as an intangible asset? Select all that apply.

A. Control

B. Identifiability

C. Transferability

D. Future economic benefits

Question 6. Which of the following statements is true regarding amortization?

A. It commences when the asset is available for use.

B. It commences when the asset is first used.

C. It should always be expensed.

D. It ceases at the date the asset is classified as held for sale.