Rangatira Annual Report 2023 - Flipbook - Page 55
Ra n g a t i ra An n u a l Re p ort 2023
Rangatira Group
Notes to the Consolidated
Financial Statements (continued)
For the year ended 31 March 2023
Note 11 Intangibles Assets
Intangible assets are separately measured on initial recognition at cost. The cost of intangible assets acquired in a business
combination is their fair value at the date of acquisition i.e. brands and trademarks, and customer specialists. Following initial
recognition, intangible assets are carried at cost less any accumulated amortisation and accumulated impairment losses. Internally
generated intangible assets, excluding capitalised software development costs, are not capitalised and the related expenditure is
reflected in profit or loss in the period the expenditure is incurred.
Intangible assets with finite useful lives are amortised over the useful economic life and assessment for impairment whenever there is
an indication that the intangible asset may be impaired. The amortisation periods and the amortisation method for an intangible asset
with finite useful lives are reviewed annually, at the end of each reporting period. The estimated useful lives the Group's intangible
assets are:
• Software
2 to 5 years
• Customer / Specialist relationships
10 to 15 years
• Brands and trademarks
depending on industry, up to 9 years or indefinite
Intangible assets with indefinite useful lives are not amortised, but are tested for impairment annually - see more detail below.
An intangible asset is derecognised at the earlier of disposal or when no future economic benefits are expected from its use or
disposal. Any gain or loss arising upon derecognition of the asset is taken through profit or loss.
Software
$000
Customer
and Specialist
relationships
$000
Total
$000
-
1,497
-
1,497
7,283
9
7,676
14,968
-
(1,064)
-
(1,064)
7,283
442
7,676
15,401
-
1,073
-
1,073
18
12
100
130
-
(667)
-
(667)
18
418
100
536
-
424
-
424
7,265
24
7,576
14,865
Brands and
trademarks
$000
2022*
Gross carrying amount at the beginning of the year
Business acquisitions
Disposals
Gross carrying amount at the end of the year
Accumulated amortisation at the beginning of the year
Amortisation expense
Disposals
Accumulated amortisation at the end of the year
Net book value at the beginning of the year
Net book value at the end of the year
*certain amounts have been restated as a result of finalising the valuations for the 2022 business acquisitions - see Note 27
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