SCHEDULE 2BANKING COMPANIES: COMPANIES ACT INDIVIDUAL ACCOUNTS
PART 2ACCOUNTING PRINCIPLES AND RULES
SECTION BHISTORICAL COST ACCOUNTING RULES
Fixed assets
Intangible assetsF128
1
Intangible assets must be written off over the useful economic life of the intangible asset.
2
Where in exceptional cases the useful life of intangible assets cannot be reliably estimated, such assets must be written off over a period chosen by the directors of the company.
3
The period referred to in sub-paragraph (2) must not exceed ten years.
4
There must be disclosed in a note to the accounts the period referred to in sub-paragraph (2) and the reasons for choosing that period.