Recognition policies are the same for purchased and for internally generated intangible assets.

Question

Quizplus · Accepted Answer

There are different recognition policies for purchased and internally generated intangible assets. Purchased intangible assets are recognized at cost, while internally generated intangible assets are recognized only if certain criteria are met, such as if the asset can be reliably measured and if it is probable that the asset will generate future economic benefits.

Recognition Policies Are the Same for Purchased and for Internally