Indicate whether the following is true or false.

If an entity, which measures its investment properties using the fair value model, acquires an investment property that is under construction and for which a fair value is currently not reliably measurable, this property must be measured using the cost model until date of disposal, even if a fair value for this property subsequently becomes available.

Indicate whether the following statement is true or false:

 Intangible assets are able to be categorised into those that have finite useful lives and those that have infinite useful lives.

Indicate whether the following is true or false. 

 If an entity acquires an investment property (not under construction) for which it concludes that fair values will not be reliably measurable on a continuing basis, this property and all other investment properties must be measured using the cost model (i.e. the fair value model may not be used as the accounting policy for measuring investment property).

Indicate whether the following statement is true or false: 

The residual value of an intangible asset must be determined in terms of an active market.

Indicate whether the following statement is true or false:

 Costs involved in the development phase of intangible assets (other than goodwill) that meet the criteria for capitalisation must be tested for impairment annually. Any impairment loss expensed may be reversed in subsequent years if the cause of the impairment has disappeared.

Indicate whether the following statement is true or false:

When calculating an asset’s value in use, more emphasis should be placed on external evidence rather than internal evidence.

Indicate whether the following is true or false.

An entity that was using the fair value model to measure its investment properties acquired an investment property (not under construction) for which a fair value was not reliably measurable on acquisition date. At this date, the entity determines that this property’s fair values will not be reliably measurable on a continuing basis and as a result, the property must be measured at cost until disposal.

Indicate whether the following statement is true or false:

A non-current asset that is held for sale but requires modification before the intended sale can take place, would not be considered for classification as ‘held for sale’ until the modification is complete.

Can a building that is used by an entity to house its staff be classified as investment property’?

Indicate whether the following statement is true or false: 

The only difference between an intangible asset and an asset as defined by the Conceptual Framework is that an intangible asset is an asset that has no physical substance.