Which of the following statements is incorrect?
A)Intangible assets are to be derecognised when there are no expected future benefits from the asset.
B)Amortisation of an intangible with a finite useful life does not cease when the asset becomes temporarily idle.
C)Amortisation of an intangible with a finite useful life ceases when the asset is retired from active use.
D)Gains or losses on disposal are calculated as the difference between the proceeds on disposal and the carrying amount at point of sale.

Question

Quizplus · Accepted Answer

Amortisation of an intangible with a finite useful life does not cease when the asset is retired from active use. It continues until the end of the asset's useful life, even if it is no longer being used actively.

Which of the Following Statements Is Incorrect