Microsoft Excel is a spreadsheet program used to record and analyze numerical and statistical data. If your background is finance and management, Microsoft Excel is a must tool for you to excel in your field. The below excel learning covers Introduction and will equip you with almost all the tools under the Home Tab Ribbon of excel.
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The purpose of the introduction of this section is another step towards curbing the cash economy, to promote digital transaction and to discourage cash transaction. This section is effective from July 1st, 2020 under the Indian Income Tax Law.
APPLICABILITY
This section is applicable to cash withdrawal on the recipient’s hand. Recipient, in this case, are 1. Individual 2. HUF 3. Partnership Firm or LLP 4. Local authority 5. Company 6. AOP or BOI.
DEDUCTOR
Deductor means a person responsible to deduct tax on behalf of the recipient. For the purpose of this section, the deductor are: 1. Banking company 2. Cooperative society engaged in the business of banking 3. Post office responsible for paying any sums from one or more accounts maintained by the recipient with it.
Thus, when these institutions pay money in cash to the recipient, they are supposed to deduct TDS and pay to the Government.
MONETARY LIMIT
The set monetary limit for the purpose of the applicability of this clause is Rs. 1 crore in a financial year. However, this limit is subject to some exceptions mentioned below.
POINT OF DEDUCTION
Tax (TDS) is to be deducted at the time of making the payment in cash to the recipient. Thus when a recipient withdraws a certain sum of money at regular intervals, the payer will have to deduct TDS once the total sum withdrawn exceeds Rs.1 crore.
For instance, if a person (recipient) withdraws Rs. 99 Lakhs in the aggregate in a financial year and his next withdrawal is of Rs. 1,50,000 then TDS to be deducted on Rs. 50,000.
RATE OF TDS
The rate of TDS has been categorized into two types of the assessee. For the purpose of understanding, these assessees have been categorized under A & B below.
A. In case of a recipient who has NOT FILED THE RETURNS OF INCOME for all the 3 assessment years relevant to the 3 previous years for which the time limit to file the return under section 139(1) has expired.
i. where the cash withdrawal during the previous year exceeds Rs. 20 lacs but does not exceeds Rs. 1 crore, TDS to be deducted at the rate of 2%.
ii. where the cash withdrawal during the previous year exceeds Rs. 1 crore, TDS to be deducted at the rate of 5%.
B. Others. Means those recipients who has FILED THE RETURNS OF INCOME for all the 3 assessment years relevant to the previous 3 years.
i. Where the cash withdrawals during the previous year exceed Rs. 20 lacs but does not exceeds Rs. 1 crore, no TDS to be deducted.
ii. Where the cash withdrawals during the previous year exceed Rs. 1 crore, TDS to be deducted at the rate of 2%.
NON APPLICABILITY
Where payment is made to the following, this section shall not be applicable.
Government 2. Any banking company including a cooperative bank 3. Post office 4. Any business correspondent of a banking company including cooperative banks 5. Any white label ATM operator of a banking company or cooperative bank 6. Any other person as notified by the Central Government in the official gazette.
Thus, no TDS to be deducted if the cash is withdrawn by above recipients.
PROVISIO TO SECTION 198
Generally, the amount on which TDS is deducted the same is added to the income of the assessee for the purpose of computation of tax liability.
However, for the purpose of this section, 194N, the sum deducted in accordance with the provisions of section 194N shall not be income received for the purpose of computing the income of the assessee.
SECTION 206 AA
Section 206 AA defines the consequences if the PAN is not submitted by the recipient to the payer. In such a case, TDS to be deducted at the rate of 20% from Rs. 20 Lakhs withdrawal onwards.
Wirecard was founded in 1999, headquartered in Aschheim, Germany. It use to process payment for gambling and adult websites. With time the company grew in its size and wanted to disassociate with its questionable past which didn’t suited it’s corporate identity. They chose the path of TPAs (Third Party Acquirers). These TPAs shared a part of their processing fees with Wirecard, contributing to it’s revenue.
Asia Pacific Team
Wirecard Asia Pacific was founded in 2007 in Singapore. Wirecard Asia Pacific team was assigned to get the licence from the regulators of the Hong-Kong Monetary Authority. This licence could enable the Wirecard to process payments in the region. The regulators asked the applicant (Wirecard) to show significant business which could compel them to consider their application. The team strategized the window dressing of the books through round-tripping. In simple words, round-tripping here means moving funds from the parent company located in Germany to Asia to show that the Wirecard Asian subsidiaries are generating ideal business revenues.
Problem Partner
Some of the partners of Wirecard were non-existent.
ConePay International, incorporated in Manila, Philippine, was one of the TPAs of Wirecard. This company had contributed millions to the revenue of Wirecard Singapore’s business and was working closely with Wirecard as it’s payment processor. But when FT reporters visited the company address they found a retired seaman living with his extended family since the last 50 years. The seaman couldn’t provide much information about Wirecard or Conepay International and was rather amused of its address being used by a payment processing company. This was not just one of the cases. The FT article further states that a predecessor of ConePay, Maxcone, gave its address in 2015 which currently appears to be an abandoned shack.
The Whistle blowers
In 2015, the Financial Times (FT) started publishing articles about inconsistency in the group’s accounts of Wirecard.
Singapore, March 2018, inside Wirecard’s headquarter, the group’s own legal staff initiated investigation against three members of the finance team. Internal whistleblowers put an allegation about the plan to fraudulently transfer money to India via round-tripping.
October 2018, Whistleblowers contacted the FT authorities that the internal investigation has been squashed.
January 2019, The FT publishes its first story on the Singapore Investigation. Wirecard immediately claimed the story to be “false”. The business was back to normalcy for Wirecard.
Role of BaFin
BaFin is the financial regulatory authority for Germany.
BaFin in January 2019, starts to investigate the FT over an allegation of market manipulation.
In February, 2019, soon after the FT’s first story on Singapore’s investigation, The Singapore’s police raids the Wirecard’s office.
BaFin then puts a two-months ban on short-selling of Wirecard’s stocks, claiming Wirecard’s “importance for the economy” and the “serious threat to market confidence”, after the share price falls below €100.
In March 2019, Wirecard announces that it’ll sue the FT.
What lead KPMG to conduct special audit?
October 2019, The FT published documents indicating that profits at Wirecard units in Dublin and Dubai were fraudulently inflated. These documents contained customers list who actually do not exist. The same was brought to EY notice. To this, Wirecard replied that the documents weren’t authentic and none of its staff or executive did anything wrong.
With the growing anxiety among the shareholders and investors, the company came under pressure and was finally forced to hire KPMG to report on special investigation.
In December 2019, FT further publishes its report on Wirecard’s singular approach to counting cash. To this, Wirecard replied that a detail review of cash will be done during the audit process.
In March 2020 EY received documents that appeared to be from a trustee in the Philippines which stated that Euro 1.9 Billion to be held in accounts at two banks of the country.
Outcome of KPMG Report
The much-awaited audit report was made available on April 28th, 2020. But the findings were not conclusive. The report on page 57, stated that “there were no indications of round-tripping.” The report also says that KPMG was not provided with transaction data it requested for the years 2016 to 2018 in relation to Wirecard’s partners.
It cannot verify that arrangements responsible for “the lion’s share” of Wirecard profits reported from 2016 to 2018 were genuine, citing several “obstacles” to its work.
Bombshell Announcements
On June, 16, 2020, The two banks of Philipines, BPI & BDO, informed EY that documents detailing Euro 1.9 Billion in balances are “Spurious”.
On June 18, 2020 when Wirecard was supposed to publish audited financial statements for 2019, it announces that Euro 1.9 Billion is “missing”.
On June 18, 2020, Wirecard’s long-time auditors, Earnt & Young made an announcement and accused its client of “an elaborate and sophisticated fraud”.
Mr. Marsalek was suspended and James Freis joins as Chief Compliance Officer.
On June 19, 2020, Markus Braun resigns and just on the second day of the office, Mr. James Freis becomes the interim CEO.
On June 23, 2020, Mr. Braun gets arrested on suspicion of false accounting and market manipulation.
And on June 25, 2020 Wirecard files for insolvency.
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Yogesh Verma holds the Honours degree in commerce from the University of Calcuttaand completed the professional education of Chartered Accountancy from the ICAI. He has also participated and completed the e-learning course offered by the WIPO, QuickBooks & Sage Accounting. After qualifying as a Chartered Accountant, he pursued his career with PwC. He is now providing professional service through his venture – Ardent Work.
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Gold has been one investment avenue that has charmed its investors with its golden returns. If not, during a short period, but surely have on the long term. The government has come out with a new scheme of investing in gold through the Sovereign Gold Bond Scheme. Under this scheme, the Gold Bonds are issued by RBI on behalf of the Government of India.
Who is eligible to invest in SGBs?
Any person who is a resident of India as per the FEMA Act, 1999 is eligible to invest in SGB. Individuals, HUFs, trusts, universities are some of the examples of person.
Risks associated with an investment in SGBs
Gold Bonds are issued in grams as its units. If the market price of the gold declines, there will be a capital loss to its investors. However, the units for which the investor has paid remains unchanged.
Tenure
These Bonds are issued for a period of 8 years and gives exit options from the 5th year. That is, early redemption of the bond is allowed after the fifth year from the date of issue on coupon payment dates.
Minimum and maximum investment?
The minimum investment in bond shall be of 1 gram and can be stretched up to a maximum limit of 4 kg for individual, 4 kg for Hindu Undivided Family (HUF) and 20 kg for trusts and similar entities notified by the government from time to time per fiscal year (April – March).
How the price of Gold Bonds are determined?
The nominal value of Gold Bonds shall be on the basis of a simple average of the closing price of gold of 999 purity, published by the India Bullion and Jewellers Association Limited, for the last three business days of the week preceding the subscription period.
What is the return on investment?
SGBs comes with an interest rate of 2.50% per annum. This
interest rate is fixed and shall be paid semi-annually to the bank account of
the investor and the last interest will be payable on maturity along with the
principal. The interest shall be paid on the initial amount of your investment
(i.e. nominal value). Interest shall be taxable as per the Indian Income Tax
Act, 1961.
What can one expect on redemption?
On maturity, the market price shall be the redemption price of the SGBs which shall be based on a simple average of the closing price of gold of 999 purity of the previous 3 business days from the date of repayment, published by India Bullion and Jewellers Association Limited. Capital gain tax at the time of redemption of SGBs is exempted.
Who are authorised agencies to sell?
Bonds are sold through offices or branches of Nationalised
Banks, Scheduled Private Banks, Scheduled Foreign Banks, designated Post
Offices, Stock Holding Corporation of India Ltd. (SHCIL) and the authorised
stock exchanges either directly or through their agents.
How can one apply for it?
You can apply online or offline. However, the advantage of applying online is the issue price of the Gold Bond will be Rs. 50 per gram less than the offline nominal value.
Can SGBs be used as collateral for loans?
Yes! SGBs can be used as collateral for loans. The loan to value ratio will be as applicable to ordinary gold loan prescribed by RBI from time to time. However, the loan sanctioning authority reserves the right to grant the loan.
Forthcoming issues in FY 2020-2021
Sr.No.
Tranche
Date of Subscription
Date of Issuance
1
2020-21 Series IV
July 06-10, 2020
14-Jul-20
2
2020-21 Series V
Aug 03-07, 2020
11-Aug-20
3
2020-21 Series VI
Aug 31- Sept 04, 2020
8-Sep-20
Conclusion: Gold is an ideal avenue where one can park investment. What makes SGBs lucrative from buying physical gold is it offers 2.50% per annum interest which is an extra return. On the other side, one shall be ready to remain invested for 8 years period.
Following the 2016 US presidential election, many have expressed concern about the effects of fake news, circulated largely through social media.
What is social media?
A simple search on google says that they are websites and applications that enable “users” to create and share content or to participate in social networking.
Who is a user in the above definition?
A user can be any person like you and me or can be any business or non-business entity. Social media doesn’t mean “only” news agency. Further, the definition also says that it provides a platform to “create and share content”. So, this implies that a user holding an account on these social media can create and share content.
Can an individual like me or you can create news using these social media?
Yes! very much. We can share different types of information in the form we like. With software and mobile app, information can be prepared the way we like.
You mean “Any”
information on it can be created, shared and it retains?
It doesn’t retain information or content which is against its terms. But to a much extent, Yes! It offers a primary forum to circulate the information. You must have heard about the “Christchurch mosque shootings“. The man behind this massacre used one of these social media and went live with his cruelty. By the time that very social media could remove his live cruelty video, it was too late to stop the live video from getting viral.
Why people create fake news?
Because of many reasons. But the prime intent behind its creation and circulation is to establish myth among people.
Some of the reasons for creating fake news are:
1. Money: People are paid money for spreading hoax or fake news over the internet.
2. Defamation: A group of users uses their social media account for defamation. Their purpose is to harm the reputation of a particular person, religion, political party, country and even unions.
3. Brainwashing: Yes! to a great extent, some user’s accounts on social media have in the past been proved in changing the sentiments of people’s beliefs. In fact, these social media platforms have been used to commit crimes or recruit young minds by brainwashing for misappropriate social activities.
How fake news reaches us?
The answer to it isn’t straight forward. Fake news is like viruses. It uses technology and human for it’s widespread.
New or surprising information is more likely to be shared. The speed of spreading fake news is much faster than real news. According to researchers from the Massachusetts Institute of Technology, fake news is more commonly re-tweeted by humans than bots. Some study reveals that :
1. The likelihood of re-tweeting false information is 70% more than the likelihood of re-tweeting truth.
2. The true stories take six times longer to reach 1,500
people.
3. True stories were rarely shared beyond 1,000 people, but the most popular false news could reach up to 1,00,000.
There isn’t a single way that leads to it’s spread. Almost all social media keeps user preferences as their data. These preferences are used to bring information to users as per their likes or dislikes. This information may be misleading and can act as a medium of it’s spread.
Sometimes a mass of wrong users on social media proficiently create misinformation or hoax and share among themselves. They intentionally pass this misinformation to another set of groups over the internet and the misinformation starts multiplying its audience reach. By the time it reaches you or me, a mass of people has already been exposed to it and it wants to travel beyond us for it’s widespread.
Is Government taking action against fake news spread?
Overtime laws have been implemented for its control and cyber cell units have been established. The cyber police to a much extent can trace the originator of fake news spreader and the law can take its own recourse. But such fake news has to be reported.
Why and how fake news come to us?
Fake news uses us as it’s medium for it’s widespread. Since we are using the technology – say a mobile device, fake news has become the part and parcel of our gadget. It comes to us intentionally or unintentionally. You may receive it from your friends/family/colleagues/social media ads.
How to address fake news and minimize it’s spread?
We need to educate ourselves with technology – particularly internet usage and need to behave responsibly. Some of the relevant points which may help you to identify and minimize fake news spread are:
1. Apply Logic: Use your own logic. Since fake news is easily believable that’s why they become an issue. Use your critical mindset and don’t be in a hurry to misjudge. Do self-questionings like: why is this news coming to you? Do you have anything to do with it? Is the news trying to make you click and visit some other website? What could be the possible intent of the news?
2. Check the credibility of the source: Always check the credibility and the content of the source of the news you read. Don’t be in a hurry to forward the news which comes with the source. Sometimes fake news does come with the source but when you check the source it does not match with the information you’ve received. This is because the originator of fake news can create web pages, newspaper mockups, edited images that look official.
3. Inform The Fake News: Make others aware. The moment you discover that the news is fake, inform the person sharing such news. This will limit the fake news spread.
4. Join Credible Group: Join social media group which prohibits sharing fake news and encourages sharing real news. In case you find that a large number of members are continuously sharing fake news, request them for not doing so. If they still continue, it’s better to quit such groups.
5. Seek Help: Ask for help. In case if you confront news which you are dubious about and your internet search is limited, ask your friend or family for its genuineness.
6. Use more social media: People often conclude that one way out from fake information is to cut yourself from social media. To run away from the problem is not the solution. Nobody would like to be technologically rejected by modern society we live in. Social media offer privacy settings to the user. One must use these setting to limit crap information pouring in their profile.
Watch the below video on how I discovered fake news and limited its widespread. You may use it as one of the guidelines.
How should we share the information on social media platform?
1. Reading and understanding skill: Develop a clear understanding of the information you are reading. Don’t get carried away by the title. At times title of information and it’s content are not at par. Sometimes readers get confused by punctuation marks like – question mark “?” and full stop “.” and end up misinterpreting the information they have read.
2. Credible Source: Read the information from credible sources only, like – Government forum, national news agency, etc. Formal sources of information are relatively slower than informal sources but are more reliable. Do not compromise quality with quantity. Always try including the source of the information when you share. It makes your sharing credible.
3. Refrain from sharing inauthentic information: Whenever you find any information which you can’t verify, don’t conclude that it’s true. Give it some time. Show some patience and seek help for its authenticity. Unless and until you are confirmed about its authenticity, refrain yourself from sharing it on a public portal.
4. Social media are not a news agency: Most people are under the delusion that social media are a news agency. No! they are not. They are merely a technology-based platform provider that facilitates networking and socializing. These platforms are used by many types of users who may or may not be reliable. So, not every information which appears on social media is correct. Go for a cross-check like – whether the social media platform used by the information publisher is official or not? Whether the information published on social platform matches the publisher’s official forum like – website, mobile app, etc.
What steps social media has taken to limit fake news?
Overtime laws have been established to control anti-social activities on social media. And social media developers have responded to these laws responsibly. Social media have designed their privacy and terms of use statements which are expected to be at par with the regulatory laws. They have taken steps to educate the users about their platform usage and how to prevent the spread of rumors and fake news?
Conclusion: With the advent of social media platforms communication has become faster and distances have shortened. We should learn and educate how to ethically use this superhuman invention and contribute towards the well-being of mankind.
Sensitivity analysis is a finance management term. It enables managers to assess how responsive the Net Present Value is to changes in the variables which are used to calculate it.
Sensitivity analysis answers questions like:
What happens to the Net Present Value if inflows are, say Rs. 40,000 than the expected Rs.60,000?
What will happen to NPV if the economic life of the project is only 2 years rather than the expected 5 years?
The importance of sensitivity analysis is it directs the management’s focus towards the factors where the minimum percentage of adverse change causes the maximum adverse effect.
Sensitivity of a variable is calculated by using the following relation :
Sensitivity (%) = (Change / Base) x100
Merits of sensitivity analysis are:
It forces management to identify underlying variables and their inter-relationship.
Shows how robust or vulnerable a project is to change in underlying variables.
One of the demerit of sensitivity analysis is that the study of the impact of variation in one factor at a time while holding other factors constant. This may not be very meaningful when underlying factors are likely to be inter-related.
How to compute sensitivity analysis?
NPV = C.F. x PVIFA (Kc,n) – I
where, NPV = Net Present Value. C.F. = Cash Inflows. Kc = Cost of capital. I = Investment.
While performing sensitivity analysis of a factor we keep NPV = 0.
This means that whatever will be our MOS (Margin of Safety) or sensitivity (%), it will always keep the project’s NPV at 0. In case if we increase the sensitivity %, our NPV will start getting negative.
(DISCLAIMER : This blog is for education purposes. User(s) is/are requested to make appropriate reference(s) prior to its use.)
1. Basic introduction
2. Initial Recognition
3. Subsequent Recognition
4. Disclosure
1. BASIC INTRODUCTION
Definition: Intangible assets are identifiable, non-monetary
assets, without physical substance,
held for use inproduction of goods, rendering of services or for rental purposes.
i. Identifiable –
means capability of sale. If it does not has capability of sale, it is not
identifiable. Example : staff training cost incurred by a firm to train its
employees is not identifiable because it does not has any capability of being
sold in the market.
ii. Non-monetary
assets – means whose realisation is not fixed under a contract. Bank FD is
a monetary asset because its realisation is fixed under a contract. So to test the
applicability of non-monetary asset, follow the below table:
Asset Name
Realisation Fixed
Under Contract
Non-monetary
Plants & Machinery
No
Yes
Debtors
Yes
Yes
No
Self Goodwill
No
No
Yes
iii. Without physical
substance means no substance of its own but storage device is possible. Eg:
software in a CD. So, Cd is a storage device not an IA and software is IA.
Patents document – document is a paper (storage device) but patent is IA.
iv. Held for use
means purpose of holding such assets should be used in production or services
or rent.
If all the above condition are met then an asset is termed
as IA. It is shown in below table (4
condition test)
Item
Identifiable (capable of sale)
Non-monetary(price not fixed under contract)
without physical substance
Held for use / rental
Classification
Plant & machinery
Satisfied
Satisfied
Not-satisfied
Satisfied
Not IA
Software (as stock)
Satisfied
Satisfied
Satisfied
Not-satisfied
Not IA
Software (for office use,production,rental)
Satisfied
Satisfied
Satisfied
Satisfied
IA
Preliminary expense
Not-satisfied
Not IA
FD investment
Satisfied
Not-satisfied
Satisfied
Not IA
Investment in Shares
Satisfied
Satisfied
Satisfied
Not-satisfied
Not IA
Following are not considered as IA. They are written off in
the year of expense.
Preliminary expense, advertisement expense, relocation
expense, shifting expense, staff training expenses. These are mentioned in para
56 of AS 26 which requires them to be written off in P&L. They are written
off because they are not capable of sales, hence are not identifiable, hence
are not IA.
Recognition principles: Following condition should be
satisfied for recognition of IA.
1. Future Economic Benefit should flow towards the entity
and
2. Cost can be measured reliably.
AS 26 is not applicable on
deferred tax assets (AS 22), stock (AS 2), financial instruments (Ind AS 109),
discount on issue of debentures (AS16), Termination benefits (AS 15).
2. INITIAL RECOGNITION
Once you have identified that an asset is an IA, then how
will you recognise (cost) it in your books of accounts? This is covered under
initial recognition.
In the following ways IA can be recognised in books of
accounts –
a. Purchase b. Exchange c. Government grants d. In the scheme of amalgamation (goodwill) e. self- generated.
a. If IA is purchased
then, Purchase price + Taxes on purchase (non-refundable) + Expenses on
valuations +Expenses to obtain title = Initial cost of IA.
b. If IA has been
obtained on exchange then, Fair value of asset obtained or fair value of
asset given – whichever is more clearly evident. (Based on judgement).
c. If IA is obtained through Government grant then, value of IA is recorded at nominal value (small).
d. If IA obtained in
the scheme of amalgamation then, value of IA will be fair value of such IA
(If such fair value can’t be identified then book value of transferor should be
considered). Goodwill will be recognised as residual value.
e. If IA obtained as
self-generated then,
1. Goodwill, Brands, Mastheads (Titles, eg newspaper
titles), Copyrights are NOT recognised as assets since it’s cost cannot be
measured reliably.
Goodwill is an asset. But a self-generated goodwill asset is
not recognised in your own books.
2. Others like softwares, websites, patent, etc. if self-generated
then, expenditure incurred during research phase will be written off in
P&L. Expenditure during development phase will be capitalised as “IA under
developments”.
Research means planned investigation with objective of
gaining knowledge.
Development means application of gained knowledge. If
following conditions are satisfied we consider it as development stage:
1. Technical feasibility has been satisfied (possibility has
been proved).
2. Market/Future economic value from such intangible asset
should exist (IA can be recognised upto value of future benefits)
3. Resources for completion of IA should exist. Eg. of resources
– finance, manpower, govt. permission, raw material, etc.
4. Intention of management should exist.
Notes : Following expenses cannot be capitalised :
Note: if any expense has been written off earlier then now
it cannot be reinstated as asset.
Note : If cost of development is more than expected future
economic benefit, excess cost will be written off. expected economic benefits
are present value of expected cash flow from IA.
4. SUBSEQUENT RECOGNITION
Subsequent recognition means after asset is ready for use. What after you have recognised the IA?
1. Revaluation of IA is NOT allowed (however IND AS allows
it).
2. Subsequent expenditure which improves IA should be
capitalised if
i>the cost can be identified and
ii> improvement in benefits can be identified.
3. Amortisation : First preference – use ratio of future
economic benefit (use best estimates of revised FEB on date of amortisation).
Prospective amortisation is applied.
If FEB ration cannot be identified – then use SLM. Consider
life as 10 years (softwares and websites 3 to 5 years). Lower life can be taken
or Higher life can be taken, if justified. It cannot be infinite.
Residual value take it as zero. However, residual value can be taken any amount which is guaranteed.
4. DISCLOSURE
Following disclosures shall be given in the financial statements for each class of the IA:
(a) The useful lives or the amortisation rates used;
(b) The amortisation methods used;
(c) The gross carrying amount and the accumulated amortisation (aggregated with accumulated impairment losses) at the beginning and end of the period;
(d) a reconciliation of the carrying amount at the beginning and end of the period showing:
(i) additions, indicating separately those from internal development and through amalgamation;
(ii) retirements and disposals;
(iii) impairment losses recognised in the statement of profit and loss during the period (if any);
(iv) impairment losses reversed in the statement of profit and loss during the period (if any);
(v) amortisation recognised during the period; and
(vi) other changes in the carrying amount during the period
(e) IA of similar nature and use shall be grouped into class. Example of seperate class may include: brand names; mastheads and publishing titles; computer Softwares; licenses and franchises; copyrights, and patents and other industrial property rights, service and operating rights; IA under development.
