This document contains the suggested solutions to complete FAC3764 assignment 4 of 2023. If there are additional questions that is excluded from the above document, please send me your questions and I will respond with the solutions.
FAC3764: Assignment 4 2023
Indicate whether the following statement is true or false:
When providing the disclosure relating to intangible assets, this disclosure must
distinguish between intangible assets that are internally generated, those that are
acquired by government grant and those acquired in another manner.
Select one:
True
False
Feedback
Explanation:
When providing the disclosure relating to intangible assets, this disclosure must
distinguish between intangible assets that are internally generated and those acquired in
another manner.
The correct answer is 'False'.
Indicate whether the following statement is true or false:
The only difference between an intangible asset and an asset as defined by the
Conceptual Framework is that an intangible asset is an asset that has no physical
substance.
Select one:
True
False
Feedback
Explanation:
It is true that an intangible asset is an asset that has no physical substance, but the
definition of an intangible asset requires that it also be identifiable and non-monetary.
An intangible asset is defined as being:
, an asset that is:
identifiable;
non-monetary; and
without physical substance.
The correct answer is 'False'.
Indicate whether the following statement is true or false:
Amortisation of an intangible asset begins from the date it is brought into use.
Select one:
True
False
Feedback
Explanation:
The amortisation of an intangible asset starts from the date it is first available for use.
Fill in the missing word:
The standard allows intangible assets to be measured under either the cost model or
revaluation
the model.
Revaluation
Feedback
Your answer is correct.
Explanation:
IAS 38 allows intangible assets to be measured under the cost model or the revaluation
model.
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