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4 Cards in this Set
- Front
- Back
How often are intangible assets tested for impairment?
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At least annually.
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When is an impairment loss recognized on intangible assets?
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When the carrying amount is not recoverable and it exceeds its FV.
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What are Research & Development (R&D) Costs?
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Research - discovery of knowledge that will be useful in developing or improving products.
Development - Translating research findings into plans or designs. |
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What is the accounting for R&D activities? What is the exception?
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They are expensed in the period in which acquired.
Unless the item has an alternative future use. |