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WorksheetsPAS 38 and PAS 40
Total questions: 10
Worksheet time: 4mins
PAS 38 does apply to
intangible assets that are within the scope of another Standard
financial assets
recognition and measurement of exploration and evaluation assets
franchises and copyright
Which of the following is not an Essential Characteristics of Intangible asset
Identifiability
Control
Future economic benefits
Physical Substance
The initial measurement of an intangible asset separately acquired does not include
purchase price, including import duties
directly attributable cost of preparing the asset for its intended use
purchase price less trade discounts and rebates
initial estimate of dismantling cost
The cost of intangible asset acquired in a business combination is
fair value at the acquisition date
historical cost of the acquired asset
cash price equivalent
current replacement cost
Which of the following does not belong to the group?
Computer software
Copyright
Broadcasting license
Goodwill
Which of the following is considered as cost under development phase?
activities aimed at obtaining new knowledge
the search for alternatives for materials, devices, products, processes, systems or services
the design of tools, jigs, molds and dies involving new technology
the formulation, design, evaluation and final selection of possible alternatives for new or
improved materials
These are land, building, or land and building held to earn rentals or for capital appreciation or both as per PAS 40
Investment property
Property and Plant
Lease property
Capital Properties
Which of the following should not be considered as Investment property?
land held for a currently undetermined future use
land held for long‑ term capital appreciation
a building that is vacant but is held to be leased out under one or more operating leases
a machinery held for rental to various customers
Under this model of accounting for Investment property, any changes in fair value of the property is recorded in the profit or loss
Current price model
Fair value model
cost model
revaluation model
For a transfer from inventories to investment property that will be carried at fair value, any
difference between the fair value of the property at that date and its previous carrying amount
shall be recognized in profit or loss
TRUE
FALSE
inventories can never be reclassified to investment property
