Other intangible assets are Cryptoassets. Cryptoassets represent digital tokens that the company holds for investment. The company classifies these assets as intangible assets in line with FRS 102 Section 18. The company recognises cryptoassets at cost at the date of acquisition. Cost includes directly attributable transaction fees.
The company measures cryptoassets at fair value at each reporting date when an active market exists. The company recognises changes in fair value in profit or loss within other gains and losses. The company treats cryptoassets as having an indefinite useful life unless the company has clear evidence of a finite period in which the asset will generate economic benefits. The company does not amortise cryptoassets with an indefinite useful life.
The company reviews cryptoassets for indicators of impairment at each reporting date. If the recoverable amount of a cryptoasset is lower than its carrying amount the company recognises an impairment loss in profit or loss. An impairment loss is reversed when the recoverable amount increases and the increase relates to an event occurring after the impairment was recognised.
The company derecognises cryptoassets on disposal or when no future economic benefits are expected. The company recognises any resulting gain or loss in profit or loss.