At the end of orientation, he stood amazed to find no formal practice of performance evaluation of employees in the organization. The owner of the company carries it out as per the word of immediate supervisor.
Permalink Reply by Amina Ali on July 5, at 4: An intangible asset is an identifiable non-monetary asset without physical substance. Recognition and measurement The recognition of an item as an intangible asset requires an entity to demonstrate that the item meets: An asset is identifiable if it either: An intangible asset shall be measured initially at cost.
The cost of a separately acquired intangible asset comprises: No intangible asset arising from research or from the research phase of an internal project shall be recognised.
Measurement after recognition An entity shall choose either the cost model or the revaluation model as its accounting policy.
An active market is a market in which all the following conditions exist: Useful life Useful life is: An entity shall assess whether the useful life of an intangible asset is finite or indefinite and, if finite, the length of, or number of production or similar units constituting, that useful life.
The useful life of an intangible asset that arises from contractual or other legal rights shall not exceed the period of the contractual or other legal rights, but may be shorter depending on the period over which the entity expects to use the asset.
If the contractual or other legal rights are conveyed for a limited term that can be renewed, the useful life of the intangible asset shall include the renewal period s only if there is evidence to support renewal by the entity without significant cost.
Intangible assets with finite useful lives The depreciable amount of an intangible asset with a finite useful life shall be allocated on a systematic basis over its useful life.
Depreciable amount is the cost of an asset, or other amount substituted for cost, less its residual value. Amortisation shall begin when the asset is available for use, ie when it is in the location and condition necessary for it to be capable of operating in the manner intended by management.
Amortisation shall cease at the earlier of the date that the asset is classified as held for sale or included in a disposal group that is classified as held for sale in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations and the date that the asset is derecognised.
If that pattern cannot be determined reliably, the straight-line method shall be used. The amortisation charge for each period shall be recognised in profit or loss unless this or another Standard permits or requires it to be included in the carrying amount of another asset.
The residual value of an intangible asset is the estimated amount that an entity would currently obtain from disposal of the asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
The residual value of an intangible asset with a finite useful life shall be assumed to be zero unless: The amortisation period and the amortisation method for an intangible asset with a finite useful life shall be reviewed at least at each financial year-end.
If the expected useful life of the asset is different from previous estimates, the amortisation period shall be changed accordingly. If there has been a change in the expected pattern of consumption of the future economic benefits embodied in the asset, the amortisation method shall be changed to reflect the changed pattern.
Intangible assets with indefinite useful lives An intangible asset with an indefinite useful life shall not be amortised.
In accordance with IAS 36 Impairment of Assets, an entity is required to test an intangible asset with an indefinite useful life for impairment by comparing its recoverable amount with its carrying amount a annually, and b whenever there is an indication that the intangible asset may be impaired.
The useful life of an intangible asset that is not being amortised shall be reviewed each period to determine whether events and circumstances continue to support an indefinite useful life assessment for that asset.
If they do not, the change in the useful life assessment from indefinite to finite shall be accounted for as a change in an accounting estimate in accordance with IAS 8.
Permalink Reply by Anam Ashraf on July 7, at 4: I thinkrelative discussion karni chahiye and shortly. This is because, at the research stage of a project, it cannot be certain that future economic benefits will probably floe to the enterprise for the project.
There is too much uncertainty about the likely success or otherwise of the project. Research costs should therefore be written off as an expense as they are incurred.
Examples of Research costs include: The technical feasibility of completing the intangible asset so that it will be available for use or sale. Its intention to complete the asset and use or sell it. Its ability to use or sell the asset. How the intangible asset will generate probable future benefits, among other things, the enterprise should demonstrate the existence of a market for the output of the intangible asset or the intangible asset itself or, if it is to be used internally, the usefulness of intangible asset.
The availability of technical, financial and other resources to complete the asset.
Ability to measure the expenditure attributable to the intangible asset during development reliably. Examples of development costs include: Main points discuss karne hain. The Standard requires an entity to recognise an intangible asset if, and only if, certain criteria are met.
The Standard also specifies how to measure the carrying amount of intangible assets and requires certain disclosures regarding intangible assets.Business Plan Enter your business name Enter your name Section 1: The Business Profile Description of My Business (Session 1): Describe your product or service.
Targeted Market and Customers (Session 1): Describe your customer profile and why customers want or need your product or service.
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Therefore, a business plan helps you set up a sound framework, model and system ahead of time, as well as, treat potential problems and threats, so that you can capably run a business. A funding business plan will save you a lot of time and money.
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1 Complete Solution The file MGT Week 1 Quiz includes solution to the following questions: 1.
BK/GDBmA • Ratings above A have a mm diameter lead • With TR2 packaging code, lead wire length is mm • Specify option code if desired: For axial leads, insert “V” 5 mm x 20 mm Fast-acting glass tube fuses Technical Data Effective May