ch12tc - Chapter 12-1 C H A P T E R C H A P T E R 12 12 I N...

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Unformatted text preview: Chapter 12-1 C H A P T E R C H A P T E R 12 12 I N T A N G I B L E A S S E T S I N T A N G I B L E A S S E T S Intermediate Accounting 13th Edition Kieso, Weygandt, and Warfield Chapter 12-2 1. 1. Describe the characteristics of intangible assets. Describe the characteristics of intangible assets. 2. 2. Identify the costs to include in the initial valuation of intangible assets. Identify the costs to include in the initial valuation of intangible assets. 3. 3. Explain the procedure for amortizing intangible assets. Explain the procedure for amortizing intangible assets. 4. 4. Describe the types of intangible assets. Describe the types of intangible assets. 5. 5. Explain the conceptual issues related to goodwill. Explain the conceptual issues related to goodwill. 6. 6. Describe the accounting procedures for recording goodwill. Describe the accounting procedures for recording goodwill. 7. 7. Explain the accounting issues related to intangible-asset impairments. Explain the accounting issues related to intangible-asset impairments. 8. 8. Identify the conceptual issues related to research and development costs. Identify the conceptual issues related to research and development costs. 9. 9. Describe the accounting for research and development and similar costs. Describe the accounting for research and development and similar costs. 10. 10. Indicate the presentation of intangible assets and related items. Indicate the presentation of intangible assets and related items. Learning Objectives Learning Objectives Chapter 12-3 Intangible Asset Issues Intangible Asset Issues LO 1 Describe the characteristics of intangible assets. LO 1 Describe the characteristics of intangible assets. Two Main Characteristics : Characteristics (1) They lack physical existence. (2) They are not financial instruments. Normally classified as long-term asset. Common types of intangibles: Patents Copyrights Franchises or licenses Trademarks or trade names Goodwill Chapter 12-4 Intangible Asset Issues Intangible Asset Issues LO 2 Identify the costs to include in the initial valuation of intangible assets. LO 2 Identify the costs to include in the initial valuation of intangible assets. Purchased Intangibles : Recorded at cost. Includes all costs necessary to make the intangible asset ready for its intended use. Valuation Internally Created Intangibles: Generally expensed. Only capitalize direct costs incurred in developing the intangible, such as legal costs. Chapter 12-5 Intangible Asset Issues Intangible Asset Issues LO 3 Explain the procedure for amortizing intangible assets. LO 3 Explain the procedure for amortizing intangible assets. Amortization of Intangibles Limited-Life Intangibles: Amortize to expense....
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ch12tc - Chapter 12-1 C H A P T E R C H A P T E R 12 12 I N...

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