11. Intangible assets
| Computer software €000 |
|||
|---|---|---|---|
| Cost: | |||
| Balance at 1 January 2017 | 1,242 | ||
| Additions at cost | 664 | ||
| Disposals | (746) | ||
| Balance at 31 December 2017 | 1,160 | ||
Accumulated Amortisation: |
|||
| Balance at 1 January 2017 | (64) | ||
| Amortisation for the year | (227) | ||
| Impairment charge | (746) | ||
| Disposals | 746 | ||
| Balance at 31 December 2017 | (291) | ||
| Net Book Value at 31 December 2017 | 869 | ||
| Net Book Value at 31 December 2016 | 1,178 | ||
In 2016 the Agency commenced the implementation of a new treasury management system project and costs of €746k were capitalised as an intangible software asset. In line with the project governance framework, a review was undertaken during 2017 resulting in a management decision to terminate the implementation of this project. As a result the Agency has recognised an impairment charge of €746k. Arrangements to close out the project are ongoing.
Third party software assets are measured at cost less accumulated amortisation and any accumulated impairment losses (note 4.6).
The estimated useful life of intangible assets by reference to which amortisation is calculated is as follows:
Computer software 5 years