Reference no: EM131253561
1) For INITIAL measurement identify the initial valuation criteria and for SUBSEQUENT measurement identify the situation requiring the subsequent measurement and the ongoing valuation basis.
a) US GAAP allows companies to follow the revaluation model, applied to a class of assets
b) A material expenditure has been made after the initial acquisition of an asset and may or may not be capitalized.
c) The rights associated with intangible assets cannot be protected legally because of the “intangible” nature of the asset so revaluations are necessary. (i.e. since the asset can’t be touched, it is not legally considered as “property”).
d) A merger is more successful than expected and the goodwill is undervalued
2. The valid measurement approaches do not include
a) Revaluations follow a “fair value” approach, using a Fair Value-to-Book Value ratio
b) Subsequent expenditures may be capitalized (as for additions, rearrangements, or improvements in some cases)
c) Subsequent expenditures may be expensed (as for repairs and maintenance)
d) Successful defense of intangible rights are routinely capitalized and amortized over the remaining useful life under IFRS and USGAAP.
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