CLOSE FILE X 42 VILLAGE ROADSHOW LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS  (CONTINUED) (c) Summary of significant accounting policies  (continued) For the year ended 30 June 2014 1 CORPORATE INFORMATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  (continued) (xviii) Investments and other financial assets  (continued) (xix) Goodwill Film Distribution Rights Software and Other Intangibles (xxi) Impairment of non-financial assets (xx) Intangible assets (xxii) Trade and other payables Trade payables and other payables are carried at amortised cost and  represent liabilities for goods and services provided to the Group prior to  the end of the financial year that are unpaid, and arise when the Group  becomes obliged to make future payments in respect of the purchase of  these goods and services. Intangible assets with indefinite useful lives are tested for impairment  annually either individually or at the cash-generating unit level. Such  intangibles are not amortised. The useful life of an intangible asset with an  indefinite life is reviewed each reporting period to determine whether  indefinite life assessment continues to be supportable. If not, the change in  the useful life assessment from indefinite to finite is accounted for as a  change in an accounting estimate and is thus accounted for on a  prospective basis. The useful lives of intangible assets are assessed to be either finite or  indefinite. Intangible assets with finite lives are amortised over the useful  life and assessed for impairment whenever there is an indication that the  intangible asset may be impaired. The amortisation period and the  amortisation method for an intangible asset with a finite useful life is  reviewed at least at each financial year-end. Changes in the expected  useful life or the expected pattern of consumption of future economic  benefits embodied in the asset are accounted for by changing the  amortisation period or method, as appropriate, which is a change in  accounting estimate. The amortisation expense on intangible assets with  finite lives is recognised in profit or loss in the expense category consistent  with the nature of the intangible asset. An assessment is also made at each reporting date as to whether there is  any indication that previously recognised impairment losses may no longer  exist or may have decreased. If such indication exists, the recoverable  amount is estimated. Other than goodwill, a previously recognised  impairment loss is reversed only if there has been a change in the  estimates used to determine the asset’s recoverable amount since the last  impairment loss was recognised. If that is the case the carrying amount of  the asset is increased to its recoverable amount. That increased amount  cannot exceed the carrying amount that would have been determined, net  of depreciation, had no impairment loss been recognised for the asset in  prior years. Such reversal is recognised in profit or loss unless the asset is  carried at revalued amount, in which case the reversal is treated as a  revaluation increase. After such a reversal the depreciation charge is  adjusted in future periods to allocate the asset’s revised carrying amount,  less any residual value, on a systematic basis over its remaining useful life. In assessing fair value less costs of disposal, the estimated future cash  flows are discounted to their present value using a pre-tax discount rate  that reflects current market assessments of the time value of money and  the risks specific to the asset. Impairment losses relating to continuing  operations are recognised in those expense categories consistent with the  nature of the impaired asset unless the asset is carried at revalued amount  (in which case the impairment loss is treated as a revaluation decrease). Intangible assets acquired separately are initially measured at cost. The  cost of an intangible asset acquired in a business combination is its fair  value as at the date of acquisition. Following initial recognition, intangible  assets are carried at cost less any accumulated amortisation and any  accumulated impairment losses. Internally generated intangible assets,  excluding capitalised development costs, are not capitalised and  expenditure is charged against profits in the year in which the expenditure  is incurred. The Group assesses at each reporting date whether there is an indication  that an asset may be impaired. If any such indication exists, or when annual  impairment testing for an asset is required, the Group makes an estimate  of the asset’s recoverable amount. An asset’s recoverable amount is the  higher of its fair value less costs of disposal and its value in use and is  determined for an individual asset, unless the asset does not generate cash  inflows that are largely independent of those from other assets or groups of  assets and the asset’s value in use cannot be estimated to be close to its  fair value. In such cases the asset is tested for impairment as part of the  cash-generating unit to which it belongs. When the carrying amount of an  asset or cash-generating unit exceeds its recoverable amount, the asset or  cash-generating unit is considered impaired and is written down to its  recoverable amount. Impairment losses recognised for goodwill are not subsequently reversed. When goodwill forms part of a cash-generating unit (group of cash- generating units) and an operation within that unit is disposed of, the  goodwill associated with the operation disposed of is included in the  carrying amount of the operation when determining the gain or loss on  disposal of the operation. Goodwill disposed of in this manner is measured  based on the relative values of the operation disposed of and the portion of  the cash-generating unit retained. Impairment is determined by assessing the recoverable amount of the  cash-generating unit (group of cash-generating units), to which the  goodwill relates. When the recoverable amount of the cash-generating unit  (group of cash-generating units) is less than the carrying amount, an  impairment loss is recognised. Assets that are classified as having an indefinite life are the brand names in  the Theme Parks division. This conclusion has been based on the length of  time that the brands have been in existence, and the fact that they have an  established market presence. Useful lives:  Finite Amortisation method used:  Amortised over estimated useful lives which  range from 1 to 25 years. Internally generated or acquired:  Acquired Impairment testing:  When an indication of impairment exists. The  amortisation method and remaining useful life are reviewed at each  financial year-end. Useful lives:  Finite Amortisation method used:  Amortised over estimated useful lives which  range from 2 to 25 years. The estimated useful life remaining is in the range  of 2 – 19 years. Internally generated or acquired:  Acquired Impairment testing:  When an indication of impairment exists. The  amortisation method and remaining useful life are reviewed at each  financial year-end. Brand Names Useful lives:  Indefinite Amortisation method used:  No amortisation Internally generated or acquired:  Acquired Impairment testing:  Annually and more frequently when an indication of  impairment exists. A summary of the policies applied to the Group’s intangible assets is  as follows: The fair values of investments that are actively traded in organised financial  markets are determined by reference to quoted market bid prices at the  close of business on the reporting date. Goodwill acquired in a business combination is initially measured at cost,  being the excess of the fair value of the consideration transferred over the  Group’s interest in the net fair value of the acquiree’s identifiable assets,  liabilities and contingent liabilities. Following initial recognition, goodwill is measured at cost less any  accumulated impairment losses. Goodwill is reviewed for impairment  annually or more frequently if events or changes in circumstances indicate  that the carrying value may be impaired. For the purpose of impairment testing, goodwill acquired in a business  combination is, from the acquisition date, allocated to each of the Group’s  cash-generating units, or groups of cash-generating units, that are expected  to benefit from the synergies of the combination, irrespective of whether  other assets or liabilities of the Group are assigned to those units or groups  of units. Each unit or group of units to which the goodwill is so allocated: – represents the lowest level within the Group at which the goodwill is  monitored for internal management purposes; and – is not larger than an operating segment determined in accordance with  AASB 8:  Operating Segments .