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ACCA FR知识点：无形资产的初始确认
文章来源：ACCA全球官网
发布时间：2021-09-08 10:26
阅读：1091次
Initial recognition of intangible assets
Once it has been determined that an item meets the definition of an intangible asset,the entity must determine whether it meets the recognition criteria.An intangible asset can only be recognised if it is probable that the expected future economic benefits(eg revenue from the sale of products or services)that are attributable to the asset will flow to the entity and the cost of the asset can be measured reliably.
(a)Purchased intangible assets
The initial recognition rules of intangible assets under IAS 38 are relatively simple.If an asset has been purchased,it will be recognised initially at cost,as demonstrated in the above example of Entertain Co.
(b)Internally generated intangible assets
This is where the standard starts to get a little controversial.Generally,internally generated intangible assets cannot be capitalised.The reason that internally generated intangible assets often cannot be capitalised is that it is difficult to establish the true benefit from the asset or even to establish specific costs that can be attributable to items such as brand names.
Common misconceptions include the belief that training costs can be capitalised.Even though these may bring future benefit to the business,these costs cannot be separated from the entity and the company retains no legal or contractual right to these.This is because staff have a right to leave the company at any point,subject to their notice period,so the company cannot restrict the access of this economic benefit to others.
In addition to this,internally generated brands are specifically prohibited from being recognised.This has created a problem where some of the major assets in modern businesses can go unrecognised.
(c)Research and development costs
There is realistically one internally generated intangible asset that can be capitalised.These are development costs,where entities incur costs in order to develop new product lines or production methods.These can be capitalised from the point where six development criteria are met.The six criteria can be more easily memorised using the PIRATE mnemonic.
Probable economic benefits
Intention to complete the project
Resources available to complete the project
Ability to use or sell the item
Technologically feasible
Expenses on the project can be identified
In practice,an auditor will look at these criteria and determine if these have been met on the project.The principle of the six criteria is that an asset can only be recognised when a project has cleared hurdles such as regulatory testing,and the entity can demonstrate a willingness and ability to complete the project.
If the six criteria are met,then the entity can recognise an asset at cost.A key principle here is that costs can only be recognised as an asset from the point all six are met,up to the date that the project is complete.Any costs incurred before the criteria are met are expensed to the statement of profit or loss as they are incurred.Similarly,any costs associated with research into a new product will be incurred much earlier than the six criteria being met,so these would also be expensed.
Even though assets can be recognised for development costs,this is another area of criticism from the financial reporting community.These assets can only be recognised towards the end of the process,when the six criteria are met.This means that any asset recognised is still likely to be at a significantly lower value than the actual expected economic benefit to be realised from the asset itself.
(d)Consolidated financial statements
The recognition of intangible assets within consolidated financial statements raises something that appears to be an inconsistency.According to the principles of IFRS 3 Business Combinations,an intangible asset acquired as part of a business combination must be recognised at fair value.This means that some internally generated assets(such as brands or research costs)which cannot be recognised in the subsidiary’s own individual financial statements are now recognised in the consolidated financial statements.This is because for the group they are not internally generated but have actually been purchased as part of the subsidiary.Therefore,they are recognised at fair value in the consolidated financial statements,despite being unrecognised in the individual financial statements.
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Res Co are developing a new line of pharmaceuticals and have spent$2m up to 1 January 20X5.On 1 January 20X5 the board gave approval to fully fund the rest of the project following promising results and spent a further$1m to 1 April 20X5.On 1 April 20X5 problems were discovered in the trials and approval was not given from the medical regulator for use of the pharmaceuticals.Res Co spent a further$1m to 1 July 20X5,at which point approval was given.From 1 July 20X5 to 1 October 20X5 Res Co spent$1.5m putting the product into the final finished stage of development.The new pharmaceuticals are expected to generate revenues in excess of$20m and have a useful life of five years.
In the financial statements of Res Co,only$1.5m of expenditure could be capitalised,as it is only from 1 July 20X5 that all of the development criteria are met.Even though the asset is likely to generate significant benefit and a total of$5.5m of costs have been incurred as part of research and development,the previously expensed costs cannot be recognised as assets.
Financial Reporting exam focus:
In the FR exam,you may be required to identify and explain the correct initial treatment of an item as to whether or not it can be capitalised.In terms of research and development,you may have to apply the six criteria to determine the date that costs can be capitalised from.This would then involve the calculation of any development cost asset and any amounts which must be expensed to the statement of profit or loss.
The recognition of internally generated intangible assets within the consolidated financial statements is regularly examined within section C of the exam.Candidates may be asked to produce calculations based on this fair value but may also be asked to explain why they are recognised in the group but not in individual company financial statements.
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