Intangible assets acquired after 31 March 2004 now have to be valued in accordance with the provisions of International Financial Reporting Standard 3. IFRS 3 also requires that goodwill should be carried in the books at cost less accumulated impairment losses, as there is no longer any systematic amortisation of goodwill.
The taxation of acquired intangible assets has also changed. Certain intangible assets can now be amortised for tax purposes over their remaining economic lives. Such assets must be identifiable and their remaining lives properly assessed for the charge to be accepted as a valid tax deductible.
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The following series of articles have been published on AccountingWEB under the title: "The New Accounting Standards and Valuation":