CIRD25040 - Intangible assets excluded from Schedule 29: assets outside FRS10/IAS38: oil licences

FA02/SCH29/PARA74

This paragraph excludes an oil licence or an interest in an oil licence from the intangible fixed assets to which Schedule 29 applies. An ‘oil licence’ is defined as a UK oil licence or a foreign oil concession which are then the subject of further definitions. There are similar definitions in TCGA92/S196 (which forms part of the Oil Taxation Acts).

Oil and gas exploration and development costs are themselves excluded from the scope of FRS10/IAS38.