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How should the licences be reported

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Question - Beta Ltd owns several fishing licences for its Charter Boats purposes that have a 10-year life of which six years remain. These licences are currently being carried at a book value of $3,000,000 (being Cost $5,000,000 less Accumulated Amortisation $2,000,000). The licences can be traded in an active market and have a fair value of $4,000,000.

How should the licences be reported in accordance with AASB 138 'Intangible Assets'. Your answer should include the carrying amount and whether the licences can be amortised.

Reference no: EM132811119

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