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Explain how each of the intangible assets should be measured

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Reference no: EM132672354

As of 30 June 2020, Rezar Ltd has the following intangible assets to report in the financial statements.

(i) The company has acquired patents on 1 July 2016 for $45,000. This patent allows the production of 300,000 units. During the year ended 30 June 2020, the company produced 36,000 units.

(ii) Externally acquired Goodwill as at 1 July 2019 was $85,000. Goodwill has been impaired by $10,000 during the current year.

(iii) On 1 October 2019, the company acquired a franchise for $27,000 for 5 years. There is great demand for this franchise in the current market, and it has a fair value of $23,000 as of 30 June 2020.

Required:

Problem 1: Explain how each of the above intangible assets should be measured in accordance with NZ IAS 38 as of 30 June 2020. Your answer should include the most appropriate model or models available to Rezar Ltd to measure above intangible assets, amortisation (if any), impairments (if any) and the closing balances as at 30 June 2020. Show all calculations. No journal entries required.

Reference no: EM132672354

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