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INTANGIBLE ASSETS (Tables)
12 Months Ended
Dec. 31, 2018
Intangible Assets  
Schedule of composition of intangible assets
As of December 31, 2018 and 2017, the composition of intangible assets is as follows:

 

        As of December 31, 2018
 

Years of

useful

life

Average remaining useful life

Net opening balance as of

January 1, 2018

Gross

balance

Accumulated amortization Net balance
      MCh$ MCh$ MCh$ MCh$
             
Licenses 3 1 1,200 10,932 (9,956) 976
Software development 3 2 62,019 342,112 (276,165) 65,947
             
Total     63,219 353,044 (286,121) 66,923

 

        As of December 31, 2017
 

Years of

useful

life

Average remaining useful life

Net opening balance as of

January 1, 2017

Gross

balance

Accumulated amortization Net balance
      MCh$ MCh$ MCh$ MCh$
             
Licenses 3 1 1,656 10,932 (9,732) 1,200
Software development 3 2 56,429 314,115 (252,096) 62,019
             
Total     58,085 325,047 (261,828) 63,219
Schedule of changes in the value of intangible assets
The changes in the value of intangible assets during the periods ended December 31, 2018 and December 31, 2017 is as follows:

 

b.1 Gross balance

 

Gross balances Licenses Software development Total
  MCh$ MCh$ MCh$
       
Balances as of January 1, 2018 10,932 314,115 325,047
Acquisitions - 29,563 29,563
Disposals and impairment - - -
Other - (1,566) (1,566)
Balances as of December 31, 2018 10,932 342,112 353,044
       
Balances as of January 1, 2017 10,932 286,781 297,713
Acquisitions - 32,624 32,624
Disposals and impairment - (5,290) (5,290)
Other - - -
Balances as of December 31, 2017 10,932 314,115 325,047

 

b.2 Accumulated amortization

 


Accumulated amortization
Licenses Software development Total
  MCh$ MCh$ MCh$
       
Balances as of January 1, 2018 (9,732) (252,096) (261,828)
Year’s amortization (224) (24,069) (24,293)
Other changes - - -
Balances as of December 31, 2018 (9,956) (276,165) (286,121)
       
Balances as of January 1, 2017 (9,276) (230,352) (239,628)
Year’s amortization (456) (21,744) (22,200)
Other changes - - -
Balances as of December 31, 2017 (9,732) (252,096) (261,828)