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Derecognition

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA SBR Exams › Derecognition

  • This topic has 1 reply, 2 voices, and was last updated 3 years ago by Stephen Widberg.
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  • May 26, 2022 at 7:35 am #656482
    thanh123
    Participant
    • Topics: 44
    • Replies: 30
    • ☆☆

    48 KLANCET – Kaplan kit – part a (ii). The answer stated that the derecognition of patent is recorded in PL. I think that it is wrong as the sale of patent is not main course of business activity and IAS 38 prohibit to recognize patent as revenue.

    Please give me your opinion. Thanks tutor !

    May 26, 2022 at 4:55 pm #656510
    Stephen Widberg
    Keymaster
    • Topics: 16
    • Replies: 3411
    • ☆☆☆☆☆

    If they buy and sell patents as a core business activity – revenue.

    If they have purchased a patent as an intangible long term asset – then profit on sale of intangible in P&L as other operating income.

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