7 A summary of the intangible assets with finite useful lives is as follows: Useful lives Dredging expenses 10 - 20 years Computer software 5 - 10 years No amortisation is provided on computer software under installation. 4.9 Leases At inception of contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group as a lessee The Group applied a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. At the commencement date of the lease (i.e. the date the underlying asset is available for use), the Group recognises right-of-use assets representing the right to use underlying assets and lease liabilities based on lease payments. Right-of-use assets Right-of-use assets are measured at cost, less accumulated depreciation, any accumulated impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of rightof-use assets includes the amount of lease liabilities initially recognised, initial direct costs incurred, lease payments made at or before the commencement date of the lease less any lease incentives received. Depreciation of right-of-use assets are calculated by reference to their costs, on the straightline basis over the shorter of their estimated useful lives and the lease term. Land 3 - 20 years Buildings 3 years Tank and storage 3 - 5 years Computer and accessories 3 - 5 years Vehicles 2 - 5 years If ownership of the leased asset is transferred to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. 300 IRPC Public Company Limited Notes to the Consolidate Financial Statements
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