Accounting Standards 1-29 - Seth & Associates

e. copyrights, and patents and other industrial property rights, service and operating rights;
f. recipes, formulae, models, designs and prototypes; and
g. intangible assets under development.
The classes mentioned above are disaggregated (aggregated) into smaller (larger) classes if this results
in more relevant information for the users of the financial statements.
92. An enterprise discloses information on impaired intangible assets under Accounting Standard on
Impairment of Assets9 in addition to the information required by paragraph 90(d)(iii) and (iv).
93. An enterprise discloses the change in an accounting estimate or accounting policy such as that arising
from changes in the amortisation method, the amortisation period or estimated residual values, in
accordance with AS 5, Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting
Policies.
94. The financial statements should also disclose:
a. if an intangible asset is amortised over more than ten years, the reasons why it is
presumed that the useful life of an intangible asset will exceed ten years from the date
when the asset is available for use. In giving these reasons, the enterprise should
describe the factor(s) that played a significant role in determining the useful life of the
asset;
b. a description, the carrying amount and remaining amortisation period of any individual
intangible asset that is material to the financial statements of the enterprise as a whole;
c. the existence and carrying amounts of intangible assets whose title is restricted and the
carrying amounts of intangible assets pledged as security for liabilities; and
d. the amount of commitments for the acquisition of intangible assets.
95. When an enterprise describes the factor(s) that played a significant role in determining the useful life of
an intangible asset that is amortised over more than ten years, the enterprise considers the list of factors
in paragraph 64.
Research and Development Expenditure
96. The financial statements should disclose the aggregate amount of research and development
expenditure recognised as an expense during the period.
97. Research and development expenditure comprises all expenditure that is directly attributable to research
or development activities or that can be allocated on a reasonable and consistent basis to such activities
(see paragraphs 53-54 for guidance on the type of expenditure to be included for the purpose of the
disclosure requirement in paragraph 96).
Other Information
98. An enterprise is encouraged, but not required, to give a description of any fully amortised intangible
asset that is still in use.