79 www.excelforce.com.my Notes to the Financial Statements (cont’d) 5. Product Development Costs (cont’d) (d) Material accounting policy information Internally generated intangible assets - research and development costs Research costs are expensed as incurred. Development expenditures on an individual project are recognised as an intangible asset when the Group and the Company can demonstrate: • the technical feasibility of completing the intangible asset so that the asset will be available for use or sale; • its intention to complete and its ability and intention to use or sell the asset; • how the asset will generate future economic benefits; • the availability of resources to complete; and • the ability to measure reliably the expenditure during development. The amount initially recognised for internally generated intangible assets is the sum of the expenditure incurred from the date when the intangible asset first meets the recognition criteria listed above. When no internallygenerated intangible asset can be recognised, development expenditure is recognised in profit or loss in the period in which it is incurred. Following initial recognition of the development expenditure as an asset, the asset is carried at cost less any accumulated amortisation and accumulated impairment losses. Capitalised development expenditures are amortised over the periods the Group expected to benefit from selling the products developed. The amortisation expenses recognised in profit or loss on a straight-line basis and included within the cost of sales. 6. Intangible Assets Group 2024 2023 RM RM Cost At 1 January/1 July/30 June 1,010,000 1,010,000 Accumulated amortisation At 1 January/1 July/30 June (1,010,000) (1,010,000) Carrying amount At 30 June - - Intangible assets consist of trademarks and copyrights which had been fully amortised in the financial year ended 31 December 2013. Material accounting policy information Intangible assets are initially measured at cost less any accumulated amortisation and accumulated impairment losses. Capitalised costs are amortised on a straight-line basis over their estimated useful lives of 10 years.
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