Asked by Charles Gratela on Jul 14, 2024
Verified
AASB 138 Intangibles requires which of the following items to be disclosed in relation to intangibles?
A) Whether the life of the intangible is finite or indefinite.
B) The amortisation method used for intangibles with a finite life.
C) A reconciliation of the beginning and ending carrying amounts for the reporting period.
D) All of the options are required disclosures.
AASB 138
An Australian Accounting Standard that outlines the accounting treatment for intangible assets not covered by another Standard.
Intangibles
Non-physical assets owned by a firm that can include patents, trademarks, copyrights, and goodwill.
Disclosed
Information that has been revealed or made known, often used in the context of financial statements and reports.
- Identify the disclosure mandates for intangible assets in accordance with AASB 138.
Verified Answer
Learning Objectives
- Identify the disclosure mandates for intangible assets in accordance with AASB 138.
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