irrespective …
> In case asset has Finite useful life : Depreciate amount of intangible asset with a finite useful life allocated on systematic basis over its useful life. Intangible assets with a limited-life are amortized on a straight-line basis over their economic or legal life, based on whichever is shorter. under sub-para (i) or (ii), as applicable, shall apply. In case of indefinite useful lives, test for impairment should be made annually and whenever there is an indication that the intangible asset may be impaired. If the asset is found to be impaired, then its useful life is estimated, and it is amortized over the remainder of its useful life like a finite life intangible. As a result, goodwill has a useful life which is indefinite, unlike most of the other intangible assets. How useful life of Intangible assets is determined and how are these amortized ?
Indefinite life intangible assets, such as goodwill, are not amortized. Assets with an indefinite life cannot be amortized in regular fashion as finite life assets. In case of finite useful lives, intangible assets should be amortized over their useful life and test for impairment should be done, when there is an indication. Its useful life is the period over... Leasehold improvements. Intangible assets meeting the relevant recognition criteria are initially measured at cost, subsequently measured at cost or using the revaluation model, and amortised on a systematic basis over their useful lives (unless the asset has an indefinite useful life, in which case it is not amortised).
These intangible assets must usually be amortized over 15 years. Goodwill is not amortized.
You can only amortize intangible assets that have a finite useful life, like the patent mentioned above. There is no arbitrary ceiling on the useful life of an amortized asset.
Goodwill only shows up on a balance sheet when two companies complete a merger or acquisition. purposes by a Regulatory Authority constituted under an Act of Parliament or by the Central.
Where a company arrives at the amortisation amount in respect of the said Intangible Assets in accordance with any method as per the applicable Accounting Standards, it shall disclose the same. Intangible assets can have either a limited or an indefinite useful life.
The useful life of intangible assets is the duration it contributes to your business’s value. Intangible assets other than goodwill may or may not be amortized depending on their useful lives to the entity: Assets with finite lives are amortized; assets with indefinite lives are not. Depreciation allowance as percentage of actual cost (a) Plant and Machinery in generating stations including plant foundations :—(i) Hydro-electric3.4 (ii) Steam electric NHRS & Waste heat recovery Boilers/plants7.84 (iii) Diesel electric and Gas plant8.24 (b) Cooling towers and circulating water systems7.84 (c) Hydraulic works forming part of Hydro-electric system including :—(i) Dams, … Unidentifiable intangible assets cannot be acquired separately and may have an unlimited life. Unlimited life intangible assets: Goodwill is an example of an unlimited-life intangible asset as it does not expire. In such case useful life of intangible asset will depend on such other assets’ useful life, value, performance etc. Tangible assets include fixed and current assets. The useful life or residual value of any specific asset, as notified for accounting purposes by a Regulatory Authority constituted under an Act of Parliament or by the Central Government shall be … Class of assets. Examples of identifiable intangibles are patents, trademarks, and copyrights. Any asset has a useful life of more than one year.
The useful life of the asset … Amortisation is usually recognised in profit and loss account.
More extensive examples of intangible assets are: Artistic assets. Rather, these assets are assessed each year for impairment, which is when the carrying value exceeds the asset's fair value. The useful life or residual value of any specific asset, as notified for accounting.
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