Question Tag: Intangible Assets

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CR – May 2015 – L3 – Q7 – Impairment of Assets (IAS 36)

Evaluate the accounting treatment for non-current assets held for sale, impairments, and intangible assets for Ondo Telecoms Limited under IFRS.

Question

ONDO TELECOMS LIMITED

Ondo Telecoms Limited is one of the biggest telecoms companies in Abuja. One month after the year-end, the Chief Finance Officer (CFO), while reviewing the company’s activities came up with the following issues for the year ended 30 September, 2014:

(a) The Board of Directors is not impressed with the performance of the Home Broadband operating segment which posted a loss of N1.7 billion in 2014 financial year following another loss of N0.8 billion in the 2013 financial year.

(b) The carrying amount of the assets in the segment is N4.3 billion as at 30 September, 2014 and N4.5 billion as at 30 September, 2013. Professional valuers were engaged and they came up with a fair value of N4.2 billion as at 30 September, 2013.

(c) The Board of Directors made the final decision in June 2014 to sell off the assets in this segment and concentrate on other business lines. Since the beginning of September, four serious bidders have been negotiating with Ondo. The board anticipates the sale to be concluded by the end of May 2015 with the transaction cost of N0.3 million.

(d) On 1 November 2013, Ondo Telecoms Limited acquired a block of flats with an estimated useful life of 50 years at a total cost of N225 million. The blocks of flats are to be rented out to its employees and engineers at market prices. The decision to acquire the block of flats was made by the board due to the need to have the engineers close to the head office to attend to technical issues immediately they arise.

(e) Professional valuers were engaged to value the flats as at 30 September, 2014 and a fair value of N232 million was determined.

(f) International Telecom Limited, which acquired Edo Communications Limited during the year, has just published its results. Edo Communications Limited was a direct competitor to Ondo Telecoms Limited and does similar business. The CFO noted that International Telecom Ltd. shows an asset of N110 million arising from Edo Communication Limited customer lists’. This made the CFO realize how valuable the customer details are and has engaged a professional valuer who valued them at N98 million.

(g) Over the years, Ondo Telecoms Limited’s main business has been the provision of mobile and fixed landlines services as well as broadband services. In July 2013, Ondo Telecoms Limited bid for the award of a subscription television license from the government.

(h) Ondo Telecoms Limited won the bid and paid N560 million for a five-year license beginning 1 October 2013. The license is transferred and at the time of winning the bid, the fair value of the license was estimated at N580 million. Due to the slow uptake of the television business, the license was revalued at N420 million as at 30 September, 2014 by a professional valuer.

Required:
Advise, with suitable computations, how the above transactions should be accounted for in the financial statements of Ondo Telecoms Limited under IFRS for the year ended 30 September, 2014.

Answer

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Tags: Held for Sale, IFRS Compliance, Impairment testing, Intangible Assets, Non-current Assets
Level: Level 3

Topic: Impairment of Assets (IAS 36)

CR – May 2015 – L3 – Q4 – Accounting Policies, Changes in Accounting Estimates, and Errors (IAS 8)

Discuss implications of changes in accounting policy for intangible assets and demonstrate retrospective application in financial statements.

Question

LIKELY EFFECT LIMITED

Likely Effect Limited has shown a sincere intention to be IFRS compliant. Among a number of events and transactions, there is the need to change the accounting policies of the company in trying to comply with a few other standards. As the Consultant of the company, your attention was drawn to the fact that prior to 2013, the company had capitalized training costs.

According to IAS 38, training cost is regarded as an internally generated intangible asset and cannot be capitalized. Therefore, there is the need for a change of accounting policy which must be applied retrospectively.

The training costs capitalized in 2012 was N6m while the total for periods before 2012 was N12m.
Training costs incurred in 2013 is N4.5m. Retained earnings were N600m and N649m at the beginning and end of 2012 respectively. The corporate income tax rate is 30% for the relevant periods. Additional information available is given below:

	2013 (N’M)	2012 (N’M)
Income tax expense	24	21
Profit after tax	56	49
Share capital	50	50

Required:

(a) Advise the directors on the implication of the change in accounting standard relating to treatment of intangible assets and tax effect on the company. (5 Marks)

(b) Prepare statements of profit or loss and other comprehensive income and changes in equity showing a retrospective application of the change in policy. (7 Marks)

Answer

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Tags: Accounting Policy Change, Financial Reporting Adjustments, IAS 38, IAS 8, Intangible Assets, Retrospective Adjustment, Tax Effects, Training Costs
Level: Level 3

Topic: Accounting Policies, Changes in Accounting Estimates, and Errors (IAS 8)

CR – May 2016 – L3 – Q6 – Integrated Reporting

Advise Golden Path Plc on how traditional corporate reporting fails to meet the needs of financial capital providers and how Integrated Reporting can address this.

Question

Corporations are realizing that in this 21st century, firms’ intangible assets and human capital are the most important assets for value creation, production, or rendering of services. A recent OECD report in 2006 attests to this and points to an emerging knowledge economy, where human capital and intangible assets lie at the core capabilities and competencies for innovation and business sustainability. There is therefore the general feeling and perception that traditional corporate reporting does not meet the capital allocation needs of providers of financial capital. One development has been the emergence of Integrated Reporting (IR), being promoted by the International Integrated Reporting Council (IIRC) and supported by IFAC and most professional accounting bodies globally. The framework issued in 2013, like IASB’s Conceptual Framework, is principles-based and as such does not prescribe KPIs but has some guiding principles and key content elements. Golden Path Plc is desirous of employing IR to overcome the present limitations of its traditional corporate reporting.

Required:

a) Write a report to the board of Golden Path Plc, advising them on why their financial statements may not meet the capital allocation needs of providers of financial capital in 21st-century firms, given the limitations of traditional corporate reporting which integrated reporting aims to address. (5 marks)

b) Briefly state why integrated reporting may still not resolve the main limitations identified above. (1 mark)

Answer

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Tags: Corporate Reporting, Financial Capital, Intangible Assets, Integrated Reporting, Knowledge Economy
Level: Level 3

Topic: Integrated Reporting

CR – Nov 2021 – L3 – Q4 – Provisions, Contingent Liabilities, and Contingent Assets (IAS 37)

Guidance on presenting litigation, lease contract, and brand valuation in Fidipote PLC’s financial statements.

Question

You are the Financial Controller of Fidipote PLC, a bottling company with diverse products. The accountant responsible for preparing the 2020 annual financial statements is considering the accounting treatment of the following and has approached you for guidance:

a. On December 31, 2020, Fidipote PLC has a litigation proceeding involving a customer claiming damages in the sum of ₦50 million because she had allegedly been injured when drinking one of the company’s products. She had claimed that the company bottled a sharp object inside the content of the product which she swallowed and had to be operated upon in order to remove the object. Fidipote PLC is disputing the claim, maintaining that any injury was due solely to negligence on the part of the customer. As at December 31, 2020, the case was yet to be decided.
(8 Marks)

b. Fidipote PLC signed a ten-year lease agreement on a property requiring an annual payment of ₦5 million in advance on January 1, 2016. The property was used over the years as a Cinema Hall. As a result of the COVID-19 pandemic and the lockdown during 2020, the consequent long closure of the hall made patronage of cinema shows financially unsustainable. Fidipote PLC discovered that it has no further use of the building. It is not possible to sub-lease the building to another tenant, and remodeling cannot be done due to certain provisions of the lease agreement. As at December 31, 2020, the present value cost of outstanding lease installments amounted to ₦22.5 million.
(6 Marks)

c. The Managing Director made a proposal that the Fidipote brand name is unique and of significant market persuasion and should, therefore, be included as an asset in the financial statements. Due diligence, including market research by a certified consultant, has been done on this proposal. A valuation of ₦250 million was determined to be included in the financial statements as at December 31, 2020.
(6 Marks)

Required:
Explain how the above information, a to c, should be presented in the financial statements of Fidipote PLC for the year ended December 31, 2020.

Answer

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Tags: Brand Valuation, Contingent Liabilities, Intangible Assets, Lease Obligations, Litigation, Onerous Contracts
Level: Level 3

Topic: Provisions, Contingent Liabilities and Contingent Assets (IAS 37)

CR – Nov 2018 – L3 – SC – Q6 – Financial Instruments (IAS 32)

Classify cryptocurrency holdings in financial statements, addressing IAS 32, IAS 38, and IAS 2.

Question

You have been asked to make a presentation to your team on cryptocurrencies. A snapshot of your draft presentation includes the following:

“Cryptocurrency is a new phenomenon in the financial market. A cryptocurrency is a digital or virtual currency designed to serve as a medium of exchange. Cryptocurrencies are created through cryptography, often with a maximum possible number of ‘coins’ that can exist through solutions to a complex algorithm with their value supported only by the laws of supply and demand. Cryptocurrencies are currently not regulated by government or other similar entity.

The following are some of the types of cryptocurrency in the market:

Bitcoin: The first-ever cryptocurrency that started the market awareness and “boom.”
Ethereum: A programmable currency that lets developers build different distributed apps and technologies that wouldn’t work with Bitcoin.
Ripple: Unlike most cryptocurrencies, it doesn’t use a blockchain to reach a network-wide consensus for transactions. An iterative consensus process is implemented, which makes it faster than Bitcoin but also makes it vulnerable to hacker attacks.

There are many merchants – both online and offline – that accept Bitcoin as a form of payment, while Ethereum and Ripple are not yet widely accepted.

Required:

Following your presentation, you are asked how a holding of cryptocurrency should be classified in the financial statements of your clients. (15 Marks)

Answer

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Tags: Cryptocurrency, Digital Currency, Financial instruments, Intangible Assets, Inventory
Level: Level 3

Topic: Financial Instruments (IAS 32, IFRS 9)

FR – May 2015 – L2 – SC – Q5 – Impairment of Assets (IAS 36)

Discuss intangible assets, characteristics and recognition of goodwill, development cost conditions, and calculate goodwill on consolidation.

Question

IAS 38 – Intangible Assets, specifies the criteria that must be met before an intangible asset can be recognised by an entity in its Financial Statements. Intangible assets are identifiable non-monetary assets without physical substance and include goodwill, brands, copyright and research and development expenditure. They could be
purchased and/or internally generated.
Required:

(a) Identify any TWO characteristics of goodwill which distinguish it from other intangible assets. (2 Marks)

(b) Explain THREE differences between purchased goodwill and non-purchased goodwill. (3 Marks)

(c) Identify any THREE conditions that must be met under IAS 38 for development expenditure to be recognised as an intangible asset. (3 Marks)

(d) State any FOUR factors to be considered when determining the useful life of an intangible asset. (4 Marks)

(e) Calculate the goodwill on consolidation from the information below:
Parent has 80% interests in subsidiary.

Item	Amount (N’000)
Parent’s cost of investment in subsidiary	299,700
Fair value of non-controlling interest at acquisition date	169,500
Net asset at acquisition date (subsidiary)	345,800
Impairment of goodwill	62,200

Required: Compute the goodwill on consolidation. (3 Marks)

Answer

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Tags: Development Costs, Goodwill, Intangible Assets, Purchased vs Non-Purchased Goodwill, Useful Life
Level: Level 2

Topic: Impairment of Assets (IAS 36)
Series: MAY 2015

FR – Nov 2022 – L2 – Q5 – Professional Behaviour and IAS 38 Conditions

Discuss professional behaviour and threats for accountants, and conditions for recognizing development costs.

Question

(a) Explain briefly what is meant by professional behaviour and outline THREE threats that could affect the work of professional accountants. (5 Marks)

(b) IAS 38 prescribes the requirements for reporting intangible assets in the financial statements of an entity.

Required:
i. Explain FIVE conditions under which development costs can be recognised as intangibles in financial statements. (5 Marks)

ii. Highlight FIVE conditions, which should be considered to determine the useful life in the amortisation of intangible assets in the financial statements. (5 Marks)

Answer

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Tags: Development Costs, Ethical Threats, IAS 38, Intangible Assets, Professional Behaviour
Level: Level 2

Topic: Ethical Issues in Financial Reporting, Intangible Assets (IAS 38)
Series: NOV 2022

FR – May 2024 – L2 – SB – Q7 – Impairment of Assets (IAS 36)

Discuss the measurement models for intangible assets and calculate the carrying amount and revaluation surplus for Olumo-Taxi Limited.

Question

a. IAS 38 – Intangible Assets allows a business to choose one of two measurement models as its accounting policy for intangible assets after acquisition. However, the same model should be applied to all assets in the same class.

Required:
Discuss the TWO measurement models for intangible assets. (3 Marks)

b. Olumo-Taxi Limited’s financial year ends on December 31. The company adopted the revaluation model for its intangible assets and revalues them on a regular three-year cycle.

However, for intangible assets with a finite life, Olumo-Taxi Limited transfers the relevant amount from revaluation reserve to retained earnings each year.

During the year 2019, Olumo-Taxi Limited incurred N700,000 on the process of preparing an application for licenses for 15 taxis to operate in a holiday resort very close to Abeokuta. In order to prevent congestion and excessive traffic pollution, the licensing authority only allowed a small number of taxis to operate.

The outcome of the company’s application was uncertain up to November 30, 2019, when the local government authority accepted its application. In December 2019, Olumo-Taxi Limited incurred a cost of N90,000 in registering its licenses. The licenses were for a period of 9 years from January 1, 2019.

The licenses are freely transferable, and an active market in them exists. The fair value at December 31, 2019, was N94,500 per taxi, and Olumo-Taxi Limited carried them at fair value in its statement of financial position at December 31, 2019.

At December 31, 2022, Olumo-Taxi Limited undertook its regular revaluation. On that date, the licensing authority announced that it would triple the number of licenses offered to taxi operators, and there were transactions in the active market for licenses with six years to run at N45,000.

Required:
Calculate, with explanations, the carrying amount and revaluation surplus of the intangible assets of Olumo-Taxi Limited according to IAS 38 as at:
i. December 31, 2019
ii. December 31, 2022 (before regular revaluation)
iii. December 31, 2022 (after regular revaluation)
(12 Marks)

Answer

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Tags: Amortization, IAS 38, Intangible Assets, Measurement Models, Revaluation
Level: Level 2

Topic: Impairment of Assets (IAS 36)
Series: MAY 2024

FA – May 2012 – L1 – SA – Q32 – Elements of Financial Statements

Identifying the intangible business asset related to reputation and customer loyalty.

Question

An intangible business asset which relates to reputation, customers’ loyalty, and popularity garnered over the years, and due to the expertise of the business owner or the quality of goods produced or services rendered, is called ………………………….

Answer

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Tags: Financial Statements, Goodwill, Intangible Assets
Level: Level 1

Topic: Elements of Financial Statements
Series: MAY 2012

FR – Nov 2021 – L2 – Q6a – Property, Plant, and Equipment (IAS 16)

Explain research and development concepts and identify conditions for recognizing development costs as intangible assets.

Question

An internally-generated intangible asset is an asset created by a company through its own efforts and by its nature does not exist physically.

Required:
a. i. Explain the terms: Research and Development and state TWO examples each. (4 Marks)
ii. Development costs must be recognized as an intangible asset if only some conditions can be satisfied. Identify FIVE such conditions. (5 Marks)

Answer

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Tags: Conditions for Recognition, Development, Intangible Assets, Research
Level: Level 2

Topic: Property, Plant, and Equipment (IAS 16)
Series: NOV 2021

CR – May 2015 – L3 – Q7 – Impairment of Assets (IAS 36)

Evaluate the accounting treatment for non-current assets held for sale, impairments, and intangible assets for Ondo Telecoms Limited under IFRS.

Question

ONDO TELECOMS LIMITED

(e) Professional valuers were engaged to value the flats as at 30 September, 2014 and a fair value of N232 million was determined.

Answer

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Tags: Held for Sale, IFRS Compliance, Impairment testing, Intangible Assets, Non-current Assets
Level: Level 3

Topic: Impairment of Assets (IAS 36)

CR – May 2015 – L3 – Q4 – Accounting Policies, Changes in Accounting Estimates, and Errors (IAS 8)

Discuss implications of changes in accounting policy for intangible assets and demonstrate retrospective application in financial statements.

Question

LIKELY EFFECT LIMITED

	2013 (N’M)	2012 (N’M)
Income tax expense	24	21
Profit after tax	56	49
Share capital	50	50

Required:

(a) Advise the directors on the implication of the change in accounting standard relating to treatment of intangible assets and tax effect on the company. (5 Marks)

(b) Prepare statements of profit or loss and other comprehensive income and changes in equity showing a retrospective application of the change in policy. (7 Marks)

Answer

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Tags: Accounting Policy Change, Financial Reporting Adjustments, IAS 38, IAS 8, Intangible Assets, Retrospective Adjustment, Tax Effects, Training Costs
Level: Level 3

Topic: Accounting Policies, Changes in Accounting Estimates, and Errors (IAS 8)

CR – May 2016 – L3 – Q6 – Integrated Reporting

Advise Golden Path Plc on how traditional corporate reporting fails to meet the needs of financial capital providers and how Integrated Reporting can address this.

Question

Required:

b) Briefly state why integrated reporting may still not resolve the main limitations identified above. (1 mark)

Answer

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Tags: Corporate Reporting, Financial Capital, Intangible Assets, Integrated Reporting, Knowledge Economy
Level: Level 3

Topic: Integrated Reporting

CR – Nov 2021 – L3 – Q4 – Provisions, Contingent Liabilities, and Contingent Assets (IAS 37)

Guidance on presenting litigation, lease contract, and brand valuation in Fidipote PLC’s financial statements.

Question

Required:
Explain how the above information, a to c, should be presented in the financial statements of Fidipote PLC for the year ended December 31, 2020.

Answer

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Tags: Brand Valuation, Contingent Liabilities, Intangible Assets, Lease Obligations, Litigation, Onerous Contracts
Level: Level 3

Topic: Provisions, Contingent Liabilities and Contingent Assets (IAS 37)

CR – Nov 2018 – L3 – SC – Q6 – Financial Instruments (IAS 32)

Classify cryptocurrency holdings in financial statements, addressing IAS 32, IAS 38, and IAS 2.

Question

You have been asked to make a presentation to your team on cryptocurrencies. A snapshot of your draft presentation includes the following:

The following are some of the types of cryptocurrency in the market:

Bitcoin: The first-ever cryptocurrency that started the market awareness and “boom.”
Ethereum: A programmable currency that lets developers build different distributed apps and technologies that wouldn’t work with Bitcoin.
Ripple: Unlike most cryptocurrencies, it doesn’t use a blockchain to reach a network-wide consensus for transactions. An iterative consensus process is implemented, which makes it faster than Bitcoin but also makes it vulnerable to hacker attacks.

There are many merchants – both online and offline – that accept Bitcoin as a form of payment, while Ethereum and Ripple are not yet widely accepted.

Required:

Following your presentation, you are asked how a holding of cryptocurrency should be classified in the financial statements of your clients. (15 Marks)

Answer

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Tags: Cryptocurrency, Digital Currency, Financial instruments, Intangible Assets, Inventory
Level: Level 3

Topic: Financial Instruments (IAS 32, IFRS 9)

FR – May 2015 – L2 – SC – Q5 – Impairment of Assets (IAS 36)

Discuss intangible assets, characteristics and recognition of goodwill, development cost conditions, and calculate goodwill on consolidation.

Question

(a) Identify any TWO characteristics of goodwill which distinguish it from other intangible assets. (2 Marks)

(b) Explain THREE differences between purchased goodwill and non-purchased goodwill. (3 Marks)

(c) Identify any THREE conditions that must be met under IAS 38 for development expenditure to be recognised as an intangible asset. (3 Marks)

(d) State any FOUR factors to be considered when determining the useful life of an intangible asset. (4 Marks)

(e) Calculate the goodwill on consolidation from the information below:
Parent has 80% interests in subsidiary.

Item	Amount (N’000)
Parent’s cost of investment in subsidiary	299,700
Fair value of non-controlling interest at acquisition date	169,500
Net asset at acquisition date (subsidiary)	345,800
Impairment of goodwill	62,200

Required: Compute the goodwill on consolidation. (3 Marks)

Answer

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Tags: Development Costs, Goodwill, Intangible Assets, Purchased vs Non-Purchased Goodwill, Useful Life
Level: Level 2

Topic: Impairment of Assets (IAS 36)
Series: MAY 2015

FR – Nov 2022 – L2 – Q5 – Professional Behaviour and IAS 38 Conditions

Discuss professional behaviour and threats for accountants, and conditions for recognizing development costs.

Question

(a) Explain briefly what is meant by professional behaviour and outline THREE threats that could affect the work of professional accountants. (5 Marks)

(b) IAS 38 prescribes the requirements for reporting intangible assets in the financial statements of an entity.

Required:
i. Explain FIVE conditions under which development costs can be recognised as intangibles in financial statements. (5 Marks)

ii. Highlight FIVE conditions, which should be considered to determine the useful life in the amortisation of intangible assets in the financial statements. (5 Marks)

Answer

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Tags: Development Costs, Ethical Threats, IAS 38, Intangible Assets, Professional Behaviour
Level: Level 2

Topic: Ethical Issues in Financial Reporting, Intangible Assets (IAS 38)
Series: NOV 2022

FR – May 2024 – L2 – SB – Q7 – Impairment of Assets (IAS 36)

Discuss the measurement models for intangible assets and calculate the carrying amount and revaluation surplus for Olumo-Taxi Limited.

Question

Required:
Discuss the TWO measurement models for intangible assets. (3 Marks)

b. Olumo-Taxi Limited’s financial year ends on December 31. The company adopted the revaluation model for its intangible assets and revalues them on a regular three-year cycle.

However, for intangible assets with a finite life, Olumo-Taxi Limited transfers the relevant amount from revaluation reserve to retained earnings each year.

Answer

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Tags: Amortization, IAS 38, Intangible Assets, Measurement Models, Revaluation
Level: Level 2

Topic: Impairment of Assets (IAS 36)
Series: MAY 2024

FA – May 2012 – L1 – SA – Q32 – Elements of Financial Statements

Identifying the intangible business asset related to reputation and customer loyalty.

Question

Answer

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Tags: Financial Statements, Goodwill, Intangible Assets
Level: Level 1

Topic: Elements of Financial Statements
Series: MAY 2012

FR – Nov 2021 – L2 – Q6a – Property, Plant, and Equipment (IAS 16)

Explain research and development concepts and identify conditions for recognizing development costs as intangible assets.

Question

An internally-generated intangible asset is an asset created by a company through its own efforts and by its nature does not exist physically.

Answer

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Tags: Conditions for Recognition, Development, Intangible Assets, Research
Level: Level 2

Topic: Property, Plant, and Equipment (IAS 16)
Series: NOV 2021

Question Tag: Intangible Assets

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CR – May 2015 – L3 – Q7 – Impairment of Assets (IAS 36)

Evaluate the accounting treatment for non-current assets held for sale, impairments, and intangible assets for Ondo Telecoms Limited under IFRS.

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CR – May 2015 – L3 – Q4 – Accounting Policies, Changes in Accounting Estimates, and Errors (IAS 8)

Discuss implications of changes in accounting policy for intangible assets and demonstrate retrospective application in financial statements.

Required:

You're reporting an error for "CR – May 2015 – L3 – Q4 – Accounting Policies, Changes in Accounting Estimates, and Errors (IAS 8)"

CR – May 2016 – L3 – Q6 – Integrated Reporting

Advise Golden Path Plc on how traditional corporate reporting fails to meet the needs of financial capital providers and how Integrated Reporting can address this.

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CR – Nov 2021 – L3 – Q4 – Provisions, Contingent Liabilities, and Contingent Assets (IAS 37)

Guidance on presenting litigation, lease contract, and brand valuation in Fidipote PLC’s financial statements.

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CR – Nov 2018 – L3 – SC – Q6 – Financial Instruments (IAS 32)

Classify cryptocurrency holdings in financial statements, addressing IAS 32, IAS 38, and IAS 2.

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FR – May 2015 – L2 – SC – Q5 – Impairment of Assets (IAS 36)

Discuss intangible assets, characteristics and recognition of goodwill, development cost conditions, and calculate goodwill on consolidation.

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FR – Nov 2022 – L2 – Q5 – Professional Behaviour and IAS 38 Conditions

Discuss professional behaviour and threats for accountants, and conditions for recognizing development costs.

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FR – May 2024 – L2 – SB – Q7 – Impairment of Assets (IAS 36)

Discuss the measurement models for intangible assets and calculate the carrying amount and revaluation surplus for Olumo-Taxi Limited.

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FA – May 2012 – L1 – SA – Q32 – Elements of Financial Statements

Identifying the intangible business asset related to reputation and customer loyalty.

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FR – Nov 2021 – L2 – Q6a – Property, Plant, and Equipment (IAS 16)

Explain research and development concepts and identify conditions for recognizing development costs as intangible assets.

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CR – May 2015 – L3 – Q7 – Impairment of Assets (IAS 36)

Evaluate the accounting treatment for non-current assets held for sale, impairments, and intangible assets for Ondo Telecoms Limited under IFRS.

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CR – May 2015 – L3 – Q4 – Accounting Policies, Changes in Accounting Estimates, and Errors (IAS 8)

Discuss implications of changes in accounting policy for intangible assets and demonstrate retrospective application in financial statements.

Required:

You're reporting an error for "CR – May 2015 – L3 – Q4 – Accounting Policies, Changes in Accounting Estimates, and Errors (IAS 8)"

CR – May 2016 – L3 – Q6 – Integrated Reporting

Advise Golden Path Plc on how traditional corporate reporting fails to meet the needs of financial capital providers and how Integrated Reporting can address this.

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CR – Nov 2021 – L3 – Q4 – Provisions, Contingent Liabilities, and Contingent Assets (IAS 37)

Guidance on presenting litigation, lease contract, and brand valuation in Fidipote PLC’s financial statements.

You're reporting an error for "CR – Nov 2021 – L3 – Q4 – Provisions, Contingent Liabilities, and Contingent Assets (IAS 37)"

CR – Nov 2018 – L3 – SC – Q6 – Financial Instruments (IAS 32)

Classify cryptocurrency holdings in financial statements, addressing IAS 32, IAS 38, and IAS 2.

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FR – May 2015 – L2 – SC – Q5 – Impairment of Assets (IAS 36)

Discuss intangible assets, characteristics and recognition of goodwill, development cost conditions, and calculate goodwill on consolidation.

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FR – Nov 2022 – L2 – Q5 – Professional Behaviour and IAS 38 Conditions

Discuss professional behaviour and threats for accountants, and conditions for recognizing development costs.

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FR – May 2024 – L2 – SB – Q7 – Impairment of Assets (IAS 36)

Discuss the measurement models for intangible assets and calculate the carrying amount and revaluation surplus for Olumo-Taxi Limited.

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FA – May 2012 – L1 – SA – Q32 – Elements of Financial Statements

Identifying the intangible business asset related to reputation and customer loyalty.

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FR – Nov 2021 – L2 – Q6a – Property, Plant, and Equipment (IAS 16)

Explain research and development concepts and identify conditions for recognizing development costs as intangible assets.

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