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What is the best way not to get confused with an intangible asset and revenue in an exam question. I always seem to confuse the two. Really need help on this one. Questions will often say there is an agreement about licensing and then mention non refundable fees and royalties from use etc. It can be easily confused for one or the other any tips?
If you are the BUYER – paying money – then you may end up recognising an intangible asset
If you are the SELLER – receiving money – then you are in the world of revenue recognition
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