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Hello Sir ,How should we accounted for the initial recognition and subsequent reassessment of contingent consideration payable to acquire intangible asset?What is the double entry of that?
Reference to the Past year Question Q3(b) “Emcee”
” Cost include the FV of any contingent consideration”
1.Should we accounted the credit entry as financial liability or disclosure in the notes?“Subsequent reassessment of the amt of contingent consideration would be also included in the cost of the player ‘s registration ; the additional amount of contingent consideration potentially payable in excess of the amt included in the cost of player’s registration would be disclosed”
2.So the excess will be included in the cost of intangible asset and disclosed in the notes?
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