Which of the following is not capitalized as an intangible asset?

The reasoning behind the correct choice lies in the definition and recognition criteria for intangible assets under accounting standards. Intangible assets must meet specific criteria, including identifiability, control, and the potential to provide future economic benefits.

Goodwill acquired in a business acquisition is capitalized because it represents the excess amount paid over the fair value of identifiable assets and liabilities in a business combination, reflecting the value of the acquired company's reputation and customer relationships.

Customer lists purchased also meet the criteria for capitalization since they are identifiable assets that can generate future economic benefits. These acquired lists have a measurable value and are separately identifiable.

Mast heads acquired for a media business can be capitalized as well since they typically have a defined market or recognition value and are identifiable assets that will provide economic benefits through advertising revenue or media influence.

On the other hand, brand names developed in-house are not capitalized as intangible assets according to accounting standards like IAS 38. This is because in-house development does not meet the criteria for recognition, primarily due to the lack of a reliable measurement of their fair value at the time of development. While they may hold significant value, without a clear framework for measurement during development, these costs are usually expensed as incurred. Therefore, this is why in