In which ways)are intangible assets under IFRS treated similarly to U.S.GAAP?
A)Indefinite-lived intangible assets are amortized over useful life but are tested for impairment annually.
B)Goodwill is recognized in acquisition accounting.
C)Definite-lived intangible assets are carried at cost with annually test for impairment
D)Initial recording of acquired intangible assets is at cost
E)B and D

Question

Quizplus · Accepted Answer

Under both IFRS and U.S. GAAP, goodwill is recognized in acquisition accounting, and acquired intangible assets are initially recorded at cost.

In Which Ways)are Intangible Assets Under IFRS Treated Similarly to U.S.GAAP