On January 1, 2022, Haze Company had capitalized costs for a new computer software product with an economic life of 5 years. Sales for 2022 were 30 percent of expected total sales of the software. However, the pattern of future sales cannot be measured reliably. At December 31, 2022, the software had a fair value less cost to sell equal to 90 percent of the capitalized cost. Under IAS 38 Intangible Assets, what percentage of the original capitalized cost should be reported as the net amount on the December 31, 2022 statement of financial position?

Answer rating: 100% (QA)

Under IAS 38 Intangible Assets the carrying amount of an intangible asset should be reviewed at the ... View the full answer