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3 Cards in this Set
- Front
- Back
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Recognition and measurement criteria |
1. Asset is identifiable 2. Entity controls the future economic benefit 3. The asset will generate future economic benefit. Recognize when: - Future benefit is probable - cost can be measured reliably |
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Stages of an internally generated asset |
1. Research (expensed under both standards) 2. Development (IFRS must capitalize, ASPE can do either method) |
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IAS 38 development criteria (6) |
1. Feasibility of completion 2. Intention to complete 3. Ability to use or sell asset 4. Probable future economic benefit 5. Resources available to complete 6. Ability to reliably measure cost |
