CERTYNEX IFRS ACADEMY

The Ravenhal group's draft note states, for an acquired recipe catalogue assessed as having an indefinite useful life: carrying amount of 1,400,000; asset not amortised. What is missing under IAS 38?

The amortisation period that would have been used if the life had been assessed as finite.

The reasons supporting the indefinite life and the significant factors.

The market value of the catalogue, estimated by an independent valuer at each reporting date.

Nothing: the carrying amount and the absence of amortisation are enough for an indefinite-life asset.