Consolidation and intangible assets

A question will tell you by name the intangible assets "The entity also had a brand that was not recognised ..." "The entity owned a patent ..." "The entity had royalty receivable ...." There's really no problem about recognising an intangible in the F7 exam ... the examiner spells it out for you OK?

Research too is normally separately identifiable ... ... but of course research s not an intangible asset! Only development can be capitalised and then only if that development expenditure satisfies strict criteria

I would need to know the precise question before I could comment any further!

D - unreliable value C - only possible benefits B - completed last year and written off with only an expectation of a future flow of benefits A - reliable assessment of substantial fair value so a valuable asset (even though correctly written off in previous years) It has to be A

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