113 GHL SYSTEMS BERHAD 199401007361 (293040-D) ANNUAL REPORT 2021 NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2021 CONT’D 14. INTANGIBLE ASSETS (Cont’d) Company 2021 Balance as at 1.1.2021 Amortisation charge for the financial year Balance as at 31.12.2021 RM RM RM Carrying amount Completed development costs 136,292 (26,248) 110,044 As at 31.12.2021 Company Cost Accumulated amortisation Carrying amount RM RM RM Completed development costs 13,162,478 (13,052,434) 110,044 Company 2020 Balance as at 1.1.2020 Amortisation charge for the financial year Balance as at 31.12.2020 RM RM RM Carrying amount Completed development costs 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 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.
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