1. What information is provided about Intangible assets in the financial statements?
Intangible asset is an identifiable non monetary asset without physical substance. An asset is a resource that is controlled by the enterprise as a result of past events (for example, purchase or self-creation) and from which future economic benefits (inflows of cash or other assets) are expected. Thus, the three critical point of an intangible asset are:
Identifiable
• control that being able to obtain benefits from the asset
• future economic benefits, such as revenues or reduced future costs
An intangible asset is identifiable when it:
• is distinguishable
• arises from other legal rights, regardless of whether those rights are transferable or separable from the entity or from other rights and obligations.
Examples of possible intangible assets include:
• computer software
• patents
• copyrights
• motion picture films
• customer lists
Intangibles can be acquired:
• by separate purchase
• as part of a business combination
• by a government grant
• by exchange of assets
• by self-creation (internal generation)
2. What information is provided about Intangible assets in the notes to the accounts?
At each reporting date, the Company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any suc ...