Question 20 (1 point) Under IFRS, which of the following statements best describes the accounting for intangible assets after acquisition? They may be accounted for under either the cost model or the revaluation model. They should be accounted for under the revaluation model if an active market exists for the asset. They should be accounted for under the cost model. They should always be accounted for under the revaluation model. Question 21 (1 point) Which of the following should NOT be considered current assets in the statement of financial position? Instalment notes receivable due over eighteen months, in accordance with normal trade practice. Equity or debt securities purchased with cash available for current operations. Prepaid taxes, which cover assessments for the current year. Franchises and copyrights