Internally generated identifiable intangible assets may be recognised for financial accounting purposes in Australia.

Question

Quizplus · Accepted Answer

Internally generated identifiable intangible assets can be recognised for financial accounting purposes in Australia, provided certain criteria are met. These criteria include demonstrating that the asset is controlled by the entity, is expected to generate future economic benefits, and has a reliable measurement of its cost. Examples of such assets include computer software, patents, and brand names.

Internally Generated Identifiable Intangible Assets May Be Recognised for Financial