Accounting Standards Board clarifies licences and Year 2000 disclosures

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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