Question: Question A3 Intangible assets do not have physical existence and, therefore, are hard to identify, measure and record. However, International Financial Reporting Standards have provided

Question A3 Intangible assets do not have physical existence and, therefore,

Question A3 Intangible assets do not have physical existence and, therefore, are hard to identify, measure and record. However, International Financial Reporting Standards have provided clear guidance to recognise these assets. a) What are the three definitional criteria that intangible assets must satisfy to be identified as intangible assets according to IFRS? (13=3 mark ) b) What are the two recognition criteria that intangible assets must satisfy to be identified as intangible assets according to IFRS? (12=2 mark )

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