What are the two specific criteria essential to determining whether to recognize an intangible asset in a business combination?

Intangible Asset

An asset that lacks physical substance but is still identifiable and provides future economic benefit to the owner, such as patents, copyrights, and goodwill.

Business Combination

The process of merging two or more companies into one, through acquisitions, consolidations, or other forms of restructuring.

Specific Criteria

Different or particular standards or requirements that must be met for a certain condition, action, or process to be initiated or considered valid.