Glomont CPA Exam Review: Financial Accounting and Reporting: Software Costs (2022 Edition)

By Glomont
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CPA Exam Blueprints

  • Identify the criteria necessary to capitalize software costs (software for internal use or sale) in the financial statements.
  • Calculate capitalized software costs (software for internal use or sale) to be reported in the financial statements and the related amortization expense.

Table of Contents

1. Technological feasibility
1.1. Criteria for Establishing Technological Feasibility
2. Software to be sold, leased or marketed
2.1. Stages of Software Development
2.1.1. Research and development costs of computer software
2.1.2. Producing product masters
2.1.3. Duplicating the computer software from the product masters
2.2. Amortization of Capitalized Cost
2.3. Impairment of Capitalized Cost
2.3.1. Impairment test
2.3.2. Net realizable value of capitalized software costs
2.3.3. The adjusted unamortized cost becomes new cost basis
2.4. Product enhancement
2.4.1. The original product will no longer be marketed
2.4.2. The original product will remain on the market
2.4.3. Amortization of product enhancement costs
3. Software developed or obtained for internal use
3.1. Criteria for Internal-Use Software
3.2. Stages of Software Development
3.2.1. Preliminary project stage
3.2.2. Application development stage
3.2.3. Post-implementation (operation) stage
3.2.4. Capitalizable costs
3.2.5. Amortization of capitalized cost
3.3. Impairment of capitalized cost
3.3.1. Steps to identify and measure impairment
3.4. Upgrades and Enhancements
3.5. Suspended Projects

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ISBN 13 978-0999358153
ISBN 10 0999358154
Accepted payment methods Credit/debit card/ paypal/ amazon pay
Book format Print
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