According to IAS 38/AASB 138 intangible assets that have been established to have finite useful lives:
A) should be amortised on a systematic basis over their useful lives.
B) amortised over their legal lives.
C) should not be amortised but tested each year for impairment.
D) should be amortised over a period not exceeding 20 years.

Question

Quizplus · Accepted Answer

Intangible assets with finite useful lives should be amortized on a systematic basis over their useful lives. This means that the cost of the asset is allocated as an expense over the estimated period of time that the asset will generate revenue or provide benefits to the company.

According to IAS 38/AASB 138 Intangible Assets That Have Been