In evaluating control risk and effectiveness for intangible assets,controls should be designed for numerous purposes.Which of the following is not a usual control for intangible assets?
A)ensure that decisions are appropriately made as to when to capitalize or expense research and development expenditures.
B)develop amortization schedules that reflect the remaining useful life of patents or copyrights associated with the assets.
C)identify and account for intangible asset impairment.
D)all of the above are usual controls for intangible assets.

Question

Quizplus · Accepted Answer

All of the listed controls are usual controls for intangible assets. A control to ensure appropriate decision-making regarding capitalization or expensing of research and development expenditures ensures the accuracy of the financial statements. Developing amortization schedules that reflect the remaining useful life of patents or copyrights associated with the assets ensures that amortization is properly allocated to the correct periods. Identifying and accounting for intangible asset impairment ensures that the financial statements accurately reflect the value of the assets.

In Evaluating Control Risk and Effectiveness for Intangible Assets,controls Should