(In thousands of dollars except as noted and per share amounts) Notes to CoNsolidated FiNaNCial statemeNts 3.  SIGNIFICANT ACCOUNTING POLICIES (CONTINUED): (f)  Intangible assets: (ii) Other intangible assets:  Goodwill is measured at the acquisition date as the fair value of the consideration transferred less the net  identifiable assets of the acquired company or business activities. Goodwill is not amortized and is carried at  cost less accumulated impairment losses. Goodwill is tested for impairment annually or more frequently if  events or changes in circumstances indicate that the asset might be impaired. (i) Goodwill:  Intangible assets that are acquired by the Company and have finite useful lives are initially measured at  cost. Following initial recognition, intangible assets are measured at cost less accumulated amortization and  accumulated impairment losses. Subsequent expenditures are capitalized only when they increase the future  economic benefits embodied in the specific asset to which it relates.All other expenditures are recognized in  profit or loss as incurred.  Amortization is calculated over the cost of the asset, less its residual value. Amortization is recognized in  administrative expenses on a straight-line basis over the estimated useful lives of the intangible assets from  the date that they are available for use, since this most closely reflects the expected pattern of consumption  of the future economic benefits embodied in the asset.Amortization of intangible assets not in service begins  when they are ready for their intended use. The estimated useful lives for the current and comparative  periods are as follows:  Software  5 to 15 years Other  10 years (g)  Leased assets: (h) Impairment: (i)  Non-financial assets:  Leases for which the Company assumes substantially all the risks and rewards of ownership are classified as finance  leases. Upon initial recognition the leased asset is measured at an amount equal to the lower of its fair value and  present value of the minimum lease payments. Subsequent to initial recognition, the asset is accounted for in  accordance with the accounting policy applicable to that asset. Other leases are operating leases and the leased assets are not recognized in the Company’s statement of  financial position.   The carrying amounts of the Company’s non-financial assets, other than inventories and deferred tax assets,  are reviewed at each reporting date to determine whether there is any indication of impairment. If any such  indication exists, then the asset’s recoverable amount is estimated. For goodwill, and intangible assets that  have indefinite useful lives or that are not yet available for use, the recoverable amount is estimated yearly at  the same time and whenever there is an indication that the asset might be impaired.  For the purpose of impairment testing, assets that cannot be tested individually are grouped together into  the smallest group of assets that generates cash inflows from continuing use that are largely independent of  the cash inflows of other assets or groups of assets (the “cash-generating unit”, or “CGU”). 47 Annual Report 2013