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Commission Regulation
(EC) No 1725/2003 of 29 September
2003 amended by Regulation (EC) No 2236/2004
and Regulation (EC) No 1910/2005
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Transnational provisions and
effective date
129. If an
entity elects in accordance with paragraph 85 of IFRS 3
Business Combinations to apply IFRS 3 from any date before
the effective dates set out in paragraphs 78-84 of IFRS 3,
it also shall apply this Standard prospectively from that
same date. Thus, the entity shall not adjust the carrying
amount of intangible assets recognised at that date. However,
the entity shall, at that date, apply this Standard to
reassess the useful lives of its recognised intangible
assets. If, as a result of that reassessment, the entity
changes its assessment of the useful life of an asset, that
change shall be accounted for as a change in an accounting
estimate in accordance with IAS 8 Accounting Policies,
Changes in Accounting Estimates and Errors.
130.
Otherwise, an entity shall apply this Standard:
(a) to
the accounting for intangible assets acquired in
business combinations for which the agreement date is on
or after 31 March 2004; and
(b) to
the accounting for all other intangible assets
prospectively from the beginning of the first annual
period beginning on or after 31 March 2004. Thus, the
entity shall not adjust the carrying amount of
intangible assets recognised at that date. However, the
entity shall, at that date, apply this Standard to
reassess the useful lives of such intangible assets. If,
as a result of that reassessment, the entity changes its
assessment of the useful life of an asset, that change
shall be accounted for as a change in an accounting
estimate in accordance with IAS 8.
Exchanges of similar
assets
131. The
requirement in paragraphs 129 and 130(b) to apply this
Standard prospectively means that if an exchange of assets
was measured before the effective date of this Standard on
the basis of the carrying amount of the asset given up, the
entity does not restate the carrying amount of the asset
acquired to reflect its fair value at the acquisition date.
Early application
132.
Entities to which paragraph 130 applies are encouraged to
apply the requirements of this Standard before the effective
dates specified in paragraph 130. However, if an entity
applies this Standard before those effective dates, it also
shall apply IFRS 3 and IAS 36 Impairment of Assets(as
revised in 2004) at the same time.
Withdrawal of IAS 38 (issued 1998)
133. This Standard
supersedes IAS 38 Intangible Assets (issued in 1998).
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