GHL System Berhad Annual Report 2020

115 a n n u a l r e p o r t 2 0 2 0 NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2020 CONT’D 14. INTANGIBLE ASSETS (cont’d) Company 2020 Balance as at 1.1.2020 Additions Reclassification Amortisation charge for the financial year Balance as at 31.12.2020 RM RM RM RM RM Carrying amount Completed development costs 162,540 - - (26,248) 136,292 162,540 - - (26,248) 136,292 As at 31.12.2020 Company Cost Accumulated amortisation Carrying amount RM RM RM Completed development costs 13,162,478 (13,026,186) 136,292 Company 2019 Balance as at 1.1.2019 Additions Reclassification Amortisation charge for the financial year Balance as at 31.12.2019 RM RM RM RM RM Carrying amount Completed development costs 73,720 - 115,068 (26,248) 162,540 Development-in-progress 114,217 851 (115,068) - - 187,937 851 - (26,248) 162,540 Company As at 31.12.2019 Cost Accumulated amortisation Carrying amount RM RM RM Completed development costs 13,162,478 (12,999,938) 162,540 (a) Intangible assets are initially measured at cost. After initial recognition, intangible assets are carried at cost less accumulated amortisation and accumulated impairment losses, if any. The useful lives of intangible assets are assessed to be either finite or indefinite. Intangible assets with finite lives are assessed for any indication that the asset may be impaired and are amortised on a straight line basis over their estimated economic useful lives, not exceeding ten (10) years. Intangible assets that have an indefinite useful life are tested annually for impairment or more frequently if events or changes in circumstances indicate that the intangible asset might be impaired. (b) Included in the prior year additions of intangible assets of the Group and of the Company are employee benefits capitalised amounting to RM851.