and tested for impairment annually. For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the CGUs, or groups of CGUs, that is expected to benefit from synergies of the combination. Each unit or group of units to which the goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal management purposes. The carrying value of goodwill is compared to the recoverable amount, which is the higher of VIU and the fair value less costs of disposal. Any impairment is recognised immediately to the statement of profit or loss and is not subsequently reversed. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity disposed.Rights to build The rights to build are stated at cost less any accumulated amortisation and impairment losses. The rights to build are considered to have a finite life. The asset is reviewed annually for adjustments to the useful economic life and any indications of impairment. Impairment losses are recognised when the carrying value of the intangible asset exceeds its recoverable amount, which is the higher of its fair value less costs to sell and its VIU. Subsequent costs involved in renewing or maintaining the rights to build are charged to the statement of profit and loss as and when incurred. NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 FINANCIAL STATEMENTS Sec 5 237 10 INTANGIBLE ASSETS (CONTINUED) Accounting Policy (continued) Project development portfolio The project development portfolio consists of contractual rights acquired relating to early stage solar, wind and Battery Energy Storage System (‘BESS’) projects in Australia. The project development portfolio is stated at cost less any accumulated amortisation and impairment losses. They are considered to have a finite life and are amortised on a straight-line basis over the period of expected future economic benefits of the asset. The asset is reviewed annually for adjustments