Intangible asset qualifies for recognition

Assignment Help Accounting Basics

Reference no: EM131003947

It is sometimes difficult to assess whether an internally generated intangible asset qualifies for recognition because of problems in:

(a) identifying whether and when, there is an identifiable asset that will generate expected future economic benefits; and

(b) determining the cost of the asset reliably. In some cases the cost of generating an intangible asset internally cannot be distinguished from the cost of maintaining or enhancing the entity's internally generated good- will or of running day-to-day operations.

Reference no: EM131003947

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