What is the limit (number of years) you can amortize intangible assets over their useful life?...
What is the limit (number of years) you can amortize intangible assets over their useful life? (Note: in the past it was 40 years.)
Homework Answers
#Useful life of an Intangible asset will not exceed 10 years.
- Intangible asset should be depreciated on a systematic basis over its useful life.
- It doesn't mean that the useful life cannot be more than 10years ,if the entity can prove that the life is more than 10years , it can be depreciated over its useful life. If entity can't prove, depreciable amount should be amortized over a maximum period of 10years.
- The entity should measure the useful life reliably
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