BANCOLOMBIA SA | CIK:0001071371 | 3

  • Filed: 4/30/2018
  • Entity registrant name: BANCOLOMBIA SA (CIK: 0001071371)
  • Generator: DataTracks
  • SEC filing page: http://www.sec.gov/Archives/edgar/data/1071371/000114420418023396/0001144204-18-023396-index.htm
  • XBRL Instance: http://www.sec.gov/Archives/edgar/data/1071371/000114420418023396/cib-20171231.xml
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  • EDGAR Dashboard: https://edgardashboard.xbrlcloud.com/edgar-dashboard/?cik=0001071371
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    • ifrs-full:DisclosureOfDetailedInformationAboutIntangibleAssetsExplanatory

    The following table sets forth the Bank's intangible assets as of December 31, 2017 and 2016, including the reconciliation of initial and final balances of the cost and accrued amortization:
     
    As of December 31, 2017
     
    Cost
    Trademarks
    Licenses,
    software and
    computer
    applications
    Client
    relationships
    Total
    In millions of COP
    Balance at January 1, 2017
    17,741
    503,094
    324,495
    845,330
    Acquisitions
    -
    70,681
    -
    70,681
    Write off  
    -
    (24,296)
    -
    (24,296)
    Foreign currency translation adjustment
    (99)
    (1,798)
    (1,807)
    (3,704)
    Balance at December 31, 2017
    17,642
    547,681
    322,688
    888,011
     
    Amortization
    Trademarks
    Licenses,
    software and
    computer
    applications
    Client
    relationships
    Total
    In millions of COP
    Balance at January 1, 2017
    (2,533)
    (204,296)
    (74,559)
    (281,388)
    Write off
    -
    44,690
    -
    44,690
    Amortization expense
    (2,493)
    (50,673)
    (63,586)
    (116,752)
    Foreign currency translation adjustment
    (14)
    1,008
    (90)
    904
    Balance at December 31, 2017
    (5,040)
    (209,271)
    (138,235)
    (352,546)
     
     
     
     
     
    Intangible assets at December 31,  2017, net
    12,602
    338,410
    184,453
    535,465
     
    As of December 31, 2016
     
    Cost
    Trademarks
    Licenses,
    software and
    computer
    applications
    Client
    relationships
    Total
    In millions of COP
    Balance at January 1, 2016
    18,620
    1,032,334
    340,582
    1,391,536
    Acquisitions
    -
    122,729
    -
    122,729
    Write off   (1)
    -
    (636,826)
    -
    (636,826)
    Foreign currency translation adjustment
    (879)
    (15,143)
    (16,087)
    (32,109)
    Balance at December 31, 2016
    17,741
    503,094
    324,495
    845,330
     
    1.
    In 2016, the Parent Company noticed that some licenses, software and computer applications amounting to COP 549,191 were recognized on the balance sheet even though their useful life were completely amortized and the Bank did not use them for several years. This amount has been written off.
     
    Amortization
    Trademarks
    Licenses,
    software and
    computer
    applications
    Client
    relationships
    Total
    In millions of COP
    Balance at January 1, 2016
    -
    (783,950)
    -
    (783,950)
    Write off
    -
    641,989
    -
    641,989
    Amortization expense
    (2,578)
    (71,540)
    (75,658)
    (149,776)
    Foreign currency translation adjustment
    45
    9,205
    1,099
    10,349
    Balance at December 31, 2016
    (2,533)
    (204,296)
    (74,559)
    (281,388)
     
     
     
     
     
    Intangible assets at December 31,  2016, net
    15,208
    298,798
    249,936
    563,942