The ASB's Urgent Issues Task Force has issued an information sheet on two matters which have been repeatedly raised by accountants, relating to the treatment of licences and disclosures of Year 2000 issues.
Licences and similar assets that are purchased separately meet the definition of intangible assets set out in FRS 10 Goodwill and Intangible Assets.
Secondly, disclosures required by UITF Year 2000 issues: accounting and disclosures, should be interpreted in the light of the current circumstances (ie post 1 January 2000) of the particular entity.
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