Question
A company purchases an intangible asset (software
license) for ₹20 lakhs, with a legal validity of 5 years and probable economic benefit of 8 years. As per accounting principles, over what period should the asset be amortized?Solution
As per Ind AS 38, an intangible asset should be amortized over the shorter of legal or economic life. Here, 5 years is the legal life and hence becomes the amortization period.
The Supreme Court of India recently ruled that accessibility for persons with disabilities (PwDs) is:
Which phase of the National Maritime Heritage Complex (NMHC) project at Lothal, Gujarat, involves the construction of a Light House Museum?
Which traditional religion was officially recognized as a religion option in the Bodoland Territorial Region (BTR) in Assam?
Punjab National Bank (PNB) has extended the tenure of its Executive Director M. Paramasivam till which year?
- On which date does Mauritius celebrate its National Day, where PM Narendra Modi is set to be the guest of honour?
India signed a Letter of Intent with the World Food Programme (WFP) to supply which fortified food item to crisis zones?
Which Indian football academy’s U-14 team won the Norway Cup 2025?
Which bank has collaborated with Mahindra & Mahindra Financial Services to offer affordable solutions to the NBFCs customers that will harness the dis...
Which country initiated a joint effort with India, the US, and Japan to continue the Quad Cyber Challenge?
The Ministry of Information & Broadcasting has partnered with _____in the field of media, entertainment and public awareness.
