An asset that includes patents, copyright, service marks, proprietary information, trade secrets and techniques or inventions is known as an intangible asset.
An intangible asset is an asset that is purchased by a company and they have a legal right to use it, it have a useful life sometimes there is no defined life.
If the life of an intangible is defined it is amortized over its legal useful life but there is a case that the life of an intangible asset is not defined and determinable it is not amortized instead it is checked for impairment review, such as intangible asset's example is Goodwill.
Goodwill is an intangible asset that is acquired by a company when an acquisition of another company is made. The Goodwill is calculated at the acquisition date and then is reviewed for impairments.
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