ACCOUNTING FOR BUSINESS: CENTRAL BOARD OF SECONDARY EDUCATION
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Intangible assets include goodwill arising from acquisitions made after January 1, 1992. Goodwill is amortized using the straight-line method over its estimated economic life, not to exceed forty years. Certain acquired intangible assets other than goodwill (‘in-process R&D') are expensed in the period of acquisition. Patents and trademarks acquired from third parties are capitalized and amortized over their remaining lifetime. If events or circumstances indicate that the carrying amount of intangible assets may not be recoverable, an impairment test is applied based upon an assessment of future cash flows to ensure that they are appropriately valued. Costs of research and development are expensed in the period in which they are...
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