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What is the definition of an intangible asset

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Reference no: EM132519824

Biogen Pharmaceutical Ltd is a large pharmaceutical company based in Australia. During the year ending 30 June 2020, Biogen Pharmaceutical Ltd purchased two electronic databases containing scientific data related to respiratory drugs. Database A was acquired for $1,000,000 and contains data that is copyright protected. Database B was acquired for $800,000 and contains data that is not copyright protected.

Required

Question (a) Explain whether Database A and Database B satisfy:

(i) The definition of an intangible asset in accordance with AASB 138 Intangible Assets, and

(ii) The recognition criteria for an intangible asset in accordance with AASB 138 Intangible Assets.

Question (b) If both databases were recognised by Biogen Pharmaceutical Ltd as intangible assets, explain:

(i) How the databases would be measured on initial recognition and subsequent to initial recognition, and

(ii) Whether the useful life of the databases would be assessed as finite or indefinite.

Reference no: EM132519824

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