IAS 38: Intangible Assets The 'Curreri' brand is well known in the UK. In 2016, the company acquired a trademark at a cost of $75,000.
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IAS 38: Intangible Assets

The "Curreri" brand is well known in the UK. In 2016, the

company acquired a trademark at a cost of $75,000. Curreri has classified the trademark as an intangible asset with an indefinite life. Using outside consultants, the trademark is determined to have a selling price (net of costs to sell) of $65,000 at December 31, 2019. Expected future cash flows from continued use of the trademark are $72,000 and the present value of the expected future cash flows is $60,000. (Assume that the fair value of this trademark for US GAAP purposes is $62,000 based on a consultant's report). Curreri is required to perform an annual impairment test on this trademark. 

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