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Unformatted text preview: 22 allowed a choice of the two different methods with the preferred method being immediate write-off. 27 Other countries Australia Under AASB 1013, Accounting for Goodwill (AAS 18), purchased goodwill is amortized, by systematic charges against income, over either the period during which the benefits are expected to arise. The period should not exceed 20 years. Amortization practices for other identifiable intangible assets ( e.g. patents, trademarks, brand names) varies. Some are amortized over their expected useful lives, but others considered to have indefinite useful lives are not amortized. Canada Only purchased goodwill should be recorded in the balance sheet and amortized systematically over the periods estimated to be benefited, which should not exceed 40 years. Effective with years beginning on or after December 1, 1990, intangible assets must be amortized on a rational and systematic basis over their estimated useful lives. This period should not exceed 40 years unless a longer useful life can be estimated and clearly demonstrated. Deferred development costs are generally amortized over their economic useful life or written down if it is apparent that the costs...
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This note was uploaded on 05/02/2013 for the course ECONOMIC economics taught by Professor Economics during the Fall '13 term at Elmont Memorial High School.

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