Which of the following is true for the significant requirements of AS- 26 w.r.t Intangible Assets?

A. Intangible asset should be recognised by fulfilling the criteria as recognised under AS 26.

B. If an in asset does not satisfy recognition criteria, it should be expensed.

C. Internally generated goodwill should not be recognised as an asset.

D. Internally generated brands, mastheads, and publishing titles and other similar in substance should be recognised as intangible assets.

E. Intangible assets should be written off as early as possible but not exceeding its estimated life, which normally should not be beyond 15 years.

Choose the correct answer from the options given below.

A, B & C only

The correct answer is option 1- A, B & C only.

A. Intangible asset should be recognised by fulfilling the criteria as recognised under AS 26. THIS IS TRUE. 

B. If an in asset does not satisfy recognition criteria, it should be expensed. THIS IS TRUE. 

C. Internally generated goodwill should not be recognised as an asset. THIS IS TRUE. 

D. Internally generated brands, mastheads, and publishing titles and other similar in substance should be recognised as intangible assets. THIS IS FALSE as these should not be recognised as intangible assets

E. Intangible assets should be written off as early as possible but not exceeding its estimated life, which normally should not be beyond 15 years. THIS IS FALSE as time period is 10 years not 15 years.