GENERAL MEETING DRAFT - Bankier.pl

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209
>> Financial Statements
Part A – Accounting Policies
An intangible asset is an identifiable non-monetary asset without physical substance, controlled by the
Group and from which future economic benefits are probable.
Intangible assets are principally goodwill, software, brands and patents.
This item also includes intangible assets used by the Group as lessee under finance leases or as lessor
under operating leases (rental/hire).
Intangible assets other than goodwill are recognised at purchase cost, i.e. including any cost incurred to
bring the asset into use, less accumulated amortisation and impairment losses.
An intangible asset with a finite life is subject to straight-line amortisation over its estimated useful life.
Residual useful life is usually assessed as follows:
Software max. 10 years;
Other intangible assets max. 20 years.
Intangible assets with an indefinite life are not amortized.
If there is objective evidence that an asset has been impaired, the carrying amount of the asset is
compared with its recoverable value, equal to the greater of its fair value less selling cost and its value in
use, i.e. the present value of future cash flows expected to originate from the asset. Any impairment loss
is recognised in profit and loss item 210 “Impairment/ write-backs on intangible assets”.
For an intangible asset with indefinite life even if there are no indications of impairment, the carrying
amount is compared annually with its recoverable value. If the carrying amount is greater than the
recoverable value, the difference is recognised in profit and loss item 210 “Impairment/write-backs on
intangible assets”.
If the value of a previously impaired intangible asset, other than goodwill is restored, its increased
carrying amount cannot exceed the net carrying amount it would have had if there were no losses
recognised on the prior-year impairment.
An intangible asset is derecognised on disposal or when no future economic benefits are expected from
its use or sale in the future and any difference between sale proceeds and carrying value is recognised in
the profit and loss item 270 “Gains (losses) on disposal of investments”.
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Goodwill is the excess of the cost of a business combination over the net fair value of the identifiable
assets and other items acquired at the acquisition date.
Goodwill arising on the acquisition of a subsidiary or a proportionately consolidated joint-venture is
recognised as an intangible asset. Goodwill arising from the acquisition of non-controlling interests is
recognised through investments in associates.