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OUTCOMES OF TOPIC After studying this topic related to intangible assets, you should be able to: ✓ Understand what is meant by an “intangible asset”; ✓ Determine whether an intangible asset will qualify for a c apital allowance; ✓ Understand what is meant by “research and development”; ✓ Identify what is specifically excluded from research and development; ✓ Understand the accounting treatment of an intangible asset; ✓ Understand the accounting treatment of research and development; ✓ Understand the tax treatment of an intangible asset; ✓ Understand the tax treatment of research and development; ✓ Complete the “Tax Computation” section on the ITR14 return in respect of non-deductible depreciation/amortization for accounting purposes; ✓ Be able to properly disclose adjustments related to an intangible asset and complete the relevant sections on the ITR14. ✓ Be able to properly disclose adjustments related to research and development and complete the relevant sections on the ITR14.

OUTCOMES OF TOPIC After studying this topic related to repairs and improvements, you should be able to: ✓ Understand what is meant by “repairs”; ✓ Understand the difference between “repairs” and &ld quo;Improvements”; ✓ Understand when “repairs” will be allowed as a tax deduction and when it will be disallowed; ✓ Understand what the tax treatment of improvements is; ✓ Interpret financial statements with reference to the accounting policies and notes to the financial statements to determine the accounting treatment of repairs and improvements; ✓ Determine whether it is necessary to make adjustments on the ITR14 for repairs and improvements.