Interfront 2024 Annual Report

A B C D FINANCIAL INFORMATION International Frontier Technologies SOC Ltd Trading as Interfront Financial Statements for the year ended 31 March 2024 1.3 Property, plant and equipment (continued) The depreciation charge for each period is recognised in surplus or deficit unless it is included in the carrying amount of another asset. Items of property, plant and equipment are derecognised when the asset is disposed of or when there are no further economic benefits or service potential expected from the use of the asset. The gain or loss arising from the derecognition of an item of property, plant and equipment is included in surplus or deficit when the item is derecognised. The gain or loss arising from the derecognition of an item of property, plant and equipment is determined as the difference between the net disposal proceeds, if any, and the carrying amount of the item. The entity separately discloses expenditure to repair and maintain property, plant and equipment in the notes to the financial statements (see note ). 1.4 Intangible assets An intangible asset is recognised when: • it is probable that the expected future economic benefits or service potential that are attributable to the asset will flow to the entity; and • the cost or fair value of the asset can be measured reliably. Intangible assets are carried at cost less any accumulated amortisation and any impairment losses. An intangible asset is initially recognised at cost and subsequently carried at cost less any accumulated amortisation and any impairment losses. The amortisation period and the amortisation method for intangible assets are reviewed at each reporting date. Amortisation is provided to write down the intangible assets with finite useful lives, on a straight‑line basis, over their estimated useful lives to their residual values as follows: ITEM DEPRECIATION METHOD AVERAGE USEFUL LIFE Intellectual property rights Straight‑line 11 years IT software Straight‑line 3‑5 years Intangible assets are derecognised: • on disposal; or • when no future economic benefits or service potential are expected from its use or disposal.