Internally-Generated-Intangible-Asset-Handout.pdf

Internally-Generated-Intangible-Asset-Handout.pdf - BA...

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BA 114.1 AY 16-17 Handout on Internally Generated Intangible Asset General Rule: To assess whether an internally generated intangible asset meets the criteria for recognition, an entity classifies the generation of the asset into: a) research phase; and b) a development phase. If an entity cannot distinguish the research phase from the development phase of an internal project to create an intangible asset, it should treat the expenditure on that project as if it were incurred in the research phase only. Research- automatically expensed (a)activities aimed at obtaining new knowledge; (b) the search for, evaluation and final selection of, applications of research findings or other knowledge; (c) the search for alternatives for materials, devices, products, processes, systems or services; and (d) the formulation, design, evaluation and final selection of possible alternatives for new or improved materials, devices, products, processes, systems or services.
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