Commentary on Sections Overview Chapter 10: Excluded assets Section 809: Oil licences
2126.This section excludes oil licenses. It is based on paragraph 74 of Schedule 29 to FA 2002.
2127.Oil licences are potentially only transitory intangible assets in that they may subsequently be charged to a tangible asset account representing successful exploration costs. They are outside the accountancy definition of goodwill and intangible assets and are subject to their own industry reporting standard.