Icaew diploma in ifrss

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icaew diploma in ifrss assignment 1 paper 17 oct 2011

Requirement Determine the carrying amount of intangible assets at the end of the year 31 December 2010 insofar as the information permits. (4 marks)

$'000
$'000
Licence to operate in business sector for 10 years from
January 2010 200
Costs incurred in planning a website fora new product
20
The website will beset up in 2011
Purchase of 300 personal computers on 1 July 2010
(three-year useful life. Total cost
300 PCs (excluding operating system)
240
Windows operating system for each unit (licence for 300 PCs)
30
Microsoft Office software for each unit (licence for 300 PCs)
24 294 Induction training for new staff
30 The company owns the rights to a popular range of books, which it purchased from another entity fora few years ago. The rights were not amortised as they have been attributed an indefinite useful life. The books are still very popular so no impairment losses have been necessary and it was valued by an independent valuer at $140,000 at the year- ended 31 December 2010. The company's policy is to use the revaluation model for its intangible assets where a market valuation is available and permitted.
Requirement
Determine the carrying amount of intangible assets at the end of the year 31 December 2010 insofar as the information permits.
(4 marks)

ICAEW\DIPLOMA IN IFRSs Page
6 of 13
1(i) A company is preparing a value in use calculation fora factory building and the equipment used to make a particular product. It has prepared cash flows for the next five years from the year-end date (at current prices) as follows

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