Question: a. Why is it necessary to have different accounting rules for tangible and intangible assets? b. What activities should be included in the cost of

a. Why is it necessary to have different accounting rules for tangible and intangible assets?

b. What activities should be included in the cost of research and development? Clearly differentiate between research activities and development activities. (Refer to NZ IAS 38)

c. What is an active market, and is an active market likely to exist for intangible assets such as brand names? Explain. (Refer to paragraph 78 of NZ IAS 38.)

d. What is a contingent liability and how should it be disclosed for financial statement purposes?

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