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SunChem-IAS 38 Intangible Asset

Forums › ACCA Forums › ACCA SBR Strategic Business Reporting Forums › SunChem-IAS 38 Intangible Asset

  • This topic has 3 replies, 2 voices, and was last updated 1 year ago by kushal.
Viewing 4 posts - 1 through 4 (of 4 total)
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    Posts
  • April 17, 2021 at 7:47 am #617956
    kushal
    Member
    • Topics: 1
    • Replies: 4
    • ☆

    Dear Tutor,

    Can you please explain the question SunChem in the exam Kit?
    The suggested answer states that this is treated as an intangible asset as it fulfils the recognition criteria.

    However, the question states that Sunchem cannot use the technology to manufacture other compound and that Sunchem has not concluded that economic benefit is likely to flow from the compound.

    How does these statement fulfil the IAS 38 recognition criteria?

    Thanks in advance

    April 18, 2021 at 6:45 am #618062
    kushal
    Member
    • Topics: 1
    • Replies: 4
    • ☆

    Anyone can help?

    April 20, 2021 at 9:07 pm #618330
    akka17bakka
    Member
    • Topics: 85
    • Replies: 80
    • ☆☆

    Separate acquisition

    When an intangible asset is purchased as a separate item, the accounting treatment
    is not controversial. The three requirements for recognition are always met. There is
    a separate and identifiable asset, and a recognisable purchase cost. There has been a
    transaction to acquire the intangible and so clearly it is expected that the transaction
    will generate future economic benefits.

    April 24, 2021 at 6:24 am #618652
    kushal
    Member
    • Topics: 1
    • Replies: 4
    • ☆

    Thank you so much

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