UITF Abstract 27 Revision to Estimates of UEL of Goodwill and Intangible Assets
Issued December 2000. Effective December 2000.
UITF Abstract 27 has been superseded by FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland for accounting periods beginning on or after 1 January 2015. For more information visit:
Synopsis
Consensus is that other than on the initial implementation of FRS 10:
- Where estimates of useful economic lives of goodwill or intangible assets are revised the carrying value should be amortised over the revised useful economic life.
- This requirement applies equally where the presumption of a 20-year life has previously been rebutted.
Last updated 21 June 2015