Crucial 2011 Annual Report Download - page 154
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4
INOTERA MEMORIES, INC.
NOTES TO FINANCIAL STATEMENTS
Gains or losses on disposal of property, plant and equipment are recorded as non-operating income or expenses.
An intangible asset is measured initially at cost. Subsequent to initial recognition, an intangible asset is measured at its cost
less any accumulated amortization and any accumulated impairment losses.
The amortizable amount of the Company’
s intangible asset is determined based on its initial cost. Amortization is recognized
as an expense on a straight-
line basis over the estimated useful life of an intangible asset of 27 months from the date that it is
made available for use. The amortization period and method for an intangible asset with a finite useful life are reviewed at
least at each financial year-end and changes thereon are accounted for as changes in accounting estimates.
A lease is deemed to be a capital lease if it conforms to any one of the following classification criteria:
For the lessor, a capital lease must also conform to any one of the four classification criteria specified above and both of the
following two further criteria:
Under a capital lease, the Company, as the lessee, capitalizes the leased assets based on (a) the present value of all future
installment rental payments (minus executory cost born by lessor) plus
(Continued)
(iv)
Leased assets: over the lease term
(v)
Miscellaneous equipment: 3 to 15 years.
(j)
Intangible asset - Technical know-how
(k)
Capital leases
(i) the lease transfers ownership of the leased assets to the lessee by the end of the lease term;
(ii)
the lease contains a bargain purchase option;
(iii)
the lease term is equal to 75% of or more of the total estimated economic life of the leased assets; this criterion should
not be applied to leases in which the leased asset has been used for more than 75% of its estimated economic life before
the lease begins;
(iv)
the present value of the rental plus the bargain purchase price or the guaranteed residual value is at least 90% of the fair
market value of the leased assets at the inception date of the lease.
(i) collectibility of the lease payments is reasonably predictable; and
(ii)
no important uncertainties surround the amount of unreimbursable costs yet to be incurred by the lessor under the lease.