[BUS 320] - Final Exam Guide - Comprehensive Notes for the exam (95 pages long!)

• School: Simon Fraser University
• Department: Business Administration
• Course: BUS 320
• Professor: Mahmoudian Fereshteh

Document Summary

Identifiable intangibles with similar characteristics should be grouped and reported together. Cost includes all expenditures that are necessary to get the intangible asset ready for its intended use (e. g. , purchase price, legal fees) Interest on intangible assets: if there are delayed payment terms, recognize financing expense (interest) Acquired for shares: if acquired for shares, cost is generally measured at asset"s fair value (or value of shares if value of asset cannot be determined) Exchanged for non monetary assets: if intangible assets are exchanged for non-monetary assets, the fair value of the item given up or the fair value of the intangible received is used to determine cost. Basket purchase: for a basket purchase of intangibles, the cost is allocated based on fair values. Prepaid asset: can be recognized only when an entity has paid for: Goods before delivery (or other access rights), or.