21. What are some of the criteria that accountants use to decide if some value should be allocated to an intangible asset at the date of acquisition?
a. Only intangible assets meeting the separability criterion can be recorded
b. Only intangible assets that arise from contractual rights can be recorded
c. Only intangible assets that meet both the separability and the contractual rights criterion can be recorded.
d. Intangible assets that meet either the separability and the contractual rights criterion can be recorded.
As per IAS 38 - intangible assets, an intangible asset can be recognized at the time of acquisition if certain criteria's are met. Identifiability is one of the criteria which should be satisfied for recognizing an intangible asset.
Identifiability can be established if either of the following conditions are met:
In view of the above requirements in IAS 38, option D is correct - Intangible assets that meet either the separability and the contractual rights criterion can be recorded
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