Amortization of intangible is allowable in IFRS?

Amortization of intangible is allowable in IFRS?

yes

No in the ifrs you need to do the Impairment test.

Goodwill cant be amortised.. It should be tested for impairment and in the first year whatever be amount is there you need to charge to P/L

Thank u Amit.

its ok buddy .. but i sugget u read the standard that will be give more clearity and confidence

Hi Amit,

Can please u suggest books for IFRS.if u have any information  post me.

Intangibles other than goodwill are required to be amortised in accordance with paras 95-97 of IAS 38.They will also be required to be tested for impairment. However goodwill  cannot be amortised but are reqired to be tested for impairment (IFRS 3).

Narayanan is correct.. One thing u have to know in ifrs.. Ifrs beleives in the substance over form

Recently i posted complete theory in the summary .. related to intangible assets. Please go through so every thing will be clear to u.. and in summary rohit answer is abslty fine

It all depends on the life of the intangible asset. Intangible assets which are of permenant nature are not amortised but tested for impairment. For eg Trading rights in Stock exchanges, patents, player rights in sports etc will not be amortised unless thay are for a limited period.

If any assets have useful life they are amortised according to there useful life and in case of infinite life it will be tested for impairment every year

But if any time it will be indication that assets nature is  changed and it life will be finite. than assets will be amortised in the remaining life and impact will be effective prospectively not retrospectively

Dear Amit,

The life of intangible asset may be indefinite but not infinite. There is a very thin line of demarkation between the word indefinite and infinite. Here we should use word indefinite.