ACCOUNTABILITY | NOTES TO THE FINANCIAL STATEMENTS 179 INTEGRATED ANNUAL REPORT 2026 2. SUMMARY OF MATERIAL ACCOUNTING POLICIES (CONTINUED) 2.14 Investment properties Investment properties are measured initially at cost, including transaction costs. Subsequent to initial recognition, investment properties are carried at fair value, which is based on active market prices, adjusted, if necessary, for any difference in the nature, location or condition of the specific asset at the reporting date. Gains or losses arising from changes in the fair values of investment properties are included in profit or loss in the period in which they arise, including the corresponding tax effect. Refer to Note 2.5 for the accounting policy on fair value measurement. Investment properties are derecognised either when they have been disposed of or when they are permanently withdrawn from use and no future economic benefit is expected from their disposal. The difference between the net disposal proceeds and the carrying amount of the asset is recognised in the profit or loss in the period of derecognition. 2.15 Intangible assets Computer software Costs incurred to acquire computer software that are not an integral part of the related hardware, are capitalised as intangible assets and amortised on a straight-line basis over the estimated useful life of 5 to 10 years, when the assets are ready for their intended use. The capitalisation of computer software is on the basis of the costs incurred to acquire and bring to use the specific software. Directly attributable costs that are capitalised as part of the software product include the software development employee costs and an appropriate portion of relevant overheads. Contract rights Contractual rights and obligations for a customer contract are recognised at its fair value at the date of acquisition and subsequently amortised on a straight-line basis over the contract period of 8 years upon commencement of charter. Trademark Trademark is carried at cost less accumulated amortisation and accumulated losses. Amortisation is calculated using the straight-line method to allocate the cost of trademark over their estimated useful life of 10 years. When an indication of impairment exists, the carrying amount of the intangible assets is assessed and written down to its recoverable amount. Refer to Note 2.18 for the accounting policy on impairment of non-financial assets. Licenses Licenses represent identifiable intangible assets acquired by the Group, including rights granted by regulatory authorities or other counterparties to undertake specific business activities. The cost of licenses acquired in an asset acquisition is measured at fair value at the acquisition date. Licenses with finite useful lives, determined based on the contractual or legal period, are amortised on a straight-line basis over their useful lives and tested for impairment when indicators of impairment arise. Licenses with indefinite useful lives are not amortised but are tested for impairment annually, or more frequently when circumstances indicate potential impairment. The Group has acquired a licence that grants exclusive rights for the Group to explore designated underwater reservoirs for potential CO₂ storage for a period of 14 years. The cost of the license is amortised on a straight-line basis over its useful life of 14 years.
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