Treatment of Intangible Assets FRSSE 2015

Intangible Assets

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Hi, I have a company that has held intangible assets of trade marks in its books (around £3k) since 2010 which have been treated as having an indefinite life and not depreicated.  However i am now prepaing the year end accounts for 31/12/2015 and applying FRSSE 2015. Under FRSSE 2015 if an estimated life cannot be relaibley measured (which the directors have stated it can't) the life should not exceed 5 years.  Am I OK to depreicate the assets fully in the 31/12/2015 accounts with a note explaning why this has occured due to the adopation of FRSSE 2015?  (These assets are not a material amount on the balance sheet). Many Thanks

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Mike Cooper HJS
By mike_uk_1983
31st Aug 2016 12:18

If you are revising the useful life of the asset its a change of accounting policy. You would need to write all off in the year to get the right closing balance and this will need to be explained in the notes.

You could get away with leaving them at the carrying value if they are not material. You only need to apply the FRSSE to material items

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