According to IAS 38 Intangible assets, which of the following statements are correct?
1 Research expenditure should not be capitalised.
2 Intangible assets are never amortised.
3 Development expenditure must be capitalised if certain conditions are met.
Research?expenditure?is?never?capitalised,?development?expenditure?is capitalised?if it meetscertain conditions per IAS 38.
Intangible assets are amortised over their useful life, if the life of the asset is indefinite, then it does not have to be amortised
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Which accounting concept should be considered if the owner of a business takes goods from inventory for his own personal
use?
Which accounting concept should be considered if the owner of a business takes goods from inventory for his own personal
use?
According to the IASB's Conceptual Framework for Financial Reporting, which TWO of the following are part of faithful
representation?1 It is neutral2 It is relevant3 It is presented fairly4 It is free from material error
Which of the following accounting concepts means that similar items should receive a similar accounting treatment?
Listed below are some characteristics of financial information.1 Relevance2 Consistency3 Faithful representation4 Accuracy
Which of these are qualitative characteristics of financial information according to the IASB's Conceptual Framework for
Financial Reporting?
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