WMPL is having intangible assets (including software purchased for POS). Guide the accounts department about the general disclosures to be made in…

(a) 8 (i) General disclosures w.r.t. intangible assets including acquisition of software An entity should disclose the following for each class of intangible assets: (a) whether the useful lives are indefinite or finite and, if finite, the useful lives or the amortisation rates used; (b) the amortisation methods used for intangible assets with finite useful lives; (c) the gross carrying amount and any accumulated amortisation (aggregated with accumulated impairment losses) at the beginning and end of the period; (d) the line item(s) of the statement of profit and loss in which any amortisation of intangible assets is included; and (e) a reconciliation of the carrying amount at the beginning and end of the period showing: (i) additions, indicating separately those from internal development, those acquired separately, and those acquired through business combinations; (ii) assets classified as held for sale or included in a disposal group classified as held for sale in accordance with Ind As 105 and other disposals; (iii) increases or decreases during the period resulting from revaluations and from impairment losses recognized or reversed in other comprehensive income; (iv) impairment losses recognized in profit or loss during the period; (v) impairment losses reversed in profit or loss during the period; (vi) any amortisation recognized during the period; (vii) net exchange differences arising on the transaction of the financial statements into the presentation currency, and on the translation of a foreign operation into the presentation currency of the entity; and (viii) other changes in the carrying amount during the period. Note: Any 4 out of the 8 disclosures are sufficient. (ii) Conditions for derecognition of intangible assets An intangible asset should be derecognized: (a) on disposal; or (b) when no future economic benefits are expected from its use or disposal. The disposal of an intangible asset may occur in a variety of ways (e.g. by sale, by entering into a finance lease, or by donation).