The useful life of a leased property is the estimated period, at the beginning of the lease term, over which:
■ the property is expected to be used; and
■ the remaining benefit represented by the right to use the property is expected to be derived.
The determination of useful life can be difficult in the case of long-life assets, as there may be different assessments of an asset's useful life depending upon whether the assessment relies on an accounting, economic or actuarial viewpoint.