Indicate whether the following statement is true or false:

 The useful life of an intangible asset for purposes of calculating amortisation may not necessarily reflect the entity's estimate of the asset's economic useful life but could represent its legal life instead.

Indicate whether the following statement is true or false:

 Disclosure is required of the description of fully amortised intangible assets that are still being used.

Indicate whether the following statement is true or false:

An asset that is held for sale but which the entity continues to use while waiting for the asset to be sold may not be classified as ‘held for sale’ in terms of IFRS 5.

Indicate whether the following statement is true or false:

Entities are required to compare, at reporting date, the carrying amount of each item of property plant and equipment with that item’s recoverable amount. If the carrying amount exceeds the recoverable amount, that asset is considered to be impaired.

Entity A owns land worth C2 000 000. The entity is still undecided on how to utilise the land. In situations such as this, (i.e. where the intended use of the land is still undecided), the land should be accounted for as property plant and equipment instead of as investment property.

Indicate whether the following statement is true or false:

 Before an item may be recognised as an intangible asset, the entity must have control over that item. 

Indicate whether the following statement is true or false:

 The entity is required to estimate the recoverable amounts of intangible assets that are ‘not yet available for use’ whether or not there is an indication of impairment. However, if a recent and detailed calculation of such an asset’s recoverable amount existed from a prior year, it is possible, under certain circumstances, for yet another, revised calculation of the estimated recoverable amount to be avoided (and the prior but recent estimation of recoverable amount to be used instead).

Indicate whether the following is true or false: 

The fair value of each investment property must be determined whether or not the cost model or fair value model is used to measure the entity’s investment properties.

Indicate whether the following statement is true or false:

 Intangible assets that are ‘available for use and have finite useful lives’ are tested for impairment at reporting date, but intangible assets that are ‘available for use but have indefinite useful lives’ and intangible assets that are ‘not yet available for use’ may be tested for impairment at any time during the year with the only condition being that they are tested at the same time every year.

Indicate whether the following statement is true or false:

 All intangible assets must be amortised.