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Intangible asset as an identifiable non-monetary asset

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Australian Accounting Standard AASB138, Intangible Assets, defines an intangible asset as an identifiable non-monetary asset without physical substance (paragraph 8). The Accounting Standard includes Goodwill as an intangible asset. Referring to the Afterpay Limited 2021 Annual Report answer the following:

The Consolidated Statement of Financial Position, as of 30 June 2021 shows that Intangible assets has increased substantially from the prior year. Notes 12 and 18 of the financial statements will assist you in answering the following questions:

  1. How could managers manipulate the outcome of the impairment test?
  2. How does impairment of an intangible asset affect the value of assets, profit and equity? 

Reference no: EM133206148

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