IAS 17 defines useful life as the estimated remaining period, from the commencement of the lease term, without limitation by the lease term, over which the economic benefits embodied in the asset are expected to be consumed by the entity.
IAS 16, IAS 36, IAS 38 define useful life as either:
- the period over which an asset is expected to be available for use by an entity; or
- the number of production or similar units expected to be obtained from the asset by the entity.
Source: Glossary of Terms of IFRSs as at 31 December 2008.
