CERTYNEX IFRS ACADEMY

An architecture firm, Orbis, imports building-modelling software. The vendor grants it a trade discount on the list price. Which statements about the cost of the intangible asset are correct?

The VAT invoiced, which Orbis recovers in full, is added to cost.

Non-refundable import duties are added to cost.

The list price is used without taking the trade discount into account.

The fees of the contractor who installs the software are added to cost.

The cost of tests checking that the software works properly is added to cost.