The Principles of Accounting - Finance Assignment Help

Assignment Task

IAS 38 Intangible Assets sets out the principles of accounting for the recognition and measurement of intangible assets. The standard differentiates between intangible assets acquired individually, those acquired as part of a business combination, and those which are internally generated. IAS 38 relies on the concept of fair value to measure intangibles, but the strength of the fair value test varies depending on the objective. Skyscraper Plc (Skyscraper) has entered into the following transactions during the financial year ended 31 March 2018. The company seeks to maximise the reported value of its assets wherever possible.

(i) On 1 April 2017, Skyscraper acquired, from a bankrupt competitor, a licence to provide radio broadcast services to a region within Ireland. This licence would have been originally issued by the government for a ten-year period at zero cost but has a market value due to its exclusivity. The cost of the licence to Skyscraper was €3.3 million, and the remaining useful economic life was 6 years.

(ii) On 1 April 2017, Skyscraper commenced work on developing a new technology to enhance the quality of the radio broadcasts. It purchased a number of patents at a cost of €2 million and spent a further €6 million developing the technology, as well as €2 million researching the international market for the technology in advance of its launch. The directors of Skyscraper were confident throughout the development process that the technology had massive potential to generate future economic benefit. On 31 March 2018, this opinion was validated when a rival broadcaster offered Skyscraper €15 million for its partially developed technology project.

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