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Recognition of Intangible Assets in Business
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[QUOTE="Yakub02, post: 309239, member: 94426"] Recognition guidance for intangibles purchased separately. The probability recognition criterion is always satisfied for separately acquired intangible assets. Also the cost of a separately acquired intangible asset can usually be measured reliably especially when the purchase consideration is in the form of cash or other monetary assets. Recognition guidance for intangibles acquired in exchange transactions An intangible asset may be acquired in exchange or part exchange for another intangible asset or another asset. The cost of such items is measured at fair value unless: the exchange transaction lacks commercial substance; or, the fair value of neither the asset received nor the asset given up is reliably measurable. If the acquired item is not measured at fair value it is measured at the carrying amount of the asset given up. Recognition guidance for internally-generated intangible assets . IAS 38 prohibits the recognition of the following internally-generated intangible items: goodwill; brands; mastheads (Note: a masthead is a recognisable title, usually in a distinctive typographical form, appearing at the top of an item. An example is a newspaper masthead on the front page of a daily newspaper); publishing titles; and customer lists [/QUOTE]
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