An intangible asset must be identifiable.

Intangible Asset

An asset that is not physical in nature, such as patents, trademarks, and goodwill, which has value due to its potential to generate economic benefits.

Identifiable

Capable of being recognized and distinguished from others, often used in accounting and finance to describe assets that can be attributed to a particular entity.

Comprehend the criteria for asset recognition and capitalization of costs associated with acquisition and improvement.

Verified Answer

Riddim TingsJul 09, 2024

Final Answer :

True

Explanation :

An intangible asset must be identifiable, meaning it can be separated from the company or arises from contractual or legal rights, making it distinguishable from goodwill.

Learning Objectives

Comprehend the criteria for asset recognition and capitalization of costs associated with acquisition and improvement.

An intangible asset must be identifiable.

Definitions

Learning Objectives

Learning Objectives

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