Test: CPA Financial Accounting and Reporting (FAR)

1.

Under IFRS rules, which of the following statements about intangible assets is correct?

Intangible assets with indefinite lives must be amortized annually

Internally generated goodwill cannot be recognized as an asset

Intangible assets within a class may be measured differently using either the cost model or the revaluation model

R&D costs are capitalized as incurred

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