1 to assess whether an internally generated intangible, Ask an Expert

Accounting

1. To assess whether an internally generated intangible asset meets the criteria for recognition, an enterprise classifies the generation of the asset into:

(a) a research phase; and

(b) a development phase.

2. If an entity cannot distinguish the research phase from the development phase of an internal project to create an intangible asset, the entity treats the expenditure on that project as if it were incurred in the research phase only.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91719698

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