Other Intangible Assets Disclosure as per Ind AS for preparing Financial Statement as per Division II – Ind AS Schedule III to the Companies Act 2013

The company shall disclose the following in the Notes to Accounts:

(i) Classification shall be given as:

(a) Brands / trademarks;

(b) Computer software;

(c) Mastheads and publishing titles;

(d) Mining rights;

(e) Copyrights, patents, other intellectual property rights, services and operating rights;

(f) Recipes, formulae, models, designs and prototypes;

(g) Licenses and franchise;

(h) Others (specify nature).

(ii) A reconciliation of the gross and net carrying amounts of each class of assets at the beginning and end of the reporting period showing additions, disposals, acquisitions through business combinations and other adjustments and the related amortization and impairment losses or reversals shall be disclosed separately.

The guidance given above on Property, Plant and Equipment, to the extent applicable, is also to be used for Other Intangible Assets.

Priyansh Minocha

Priyansh Minocha is C.E.O and Director at Amonest India Private Limited and Founder at Casolutionsglobal

Leave a Reply