What are the three types of intangible assets?

A

There are three types of intangible assets in terms of impairment and amortizations. The first type comprises intangible assets that are amortized, and the method of amortization involves a two-step impairment method same as that used for tangible assets. Intangible assets that have indefinite lives are not amortized and are assessed for impairment of value every year. Examples of such assets include broadcast license and trademark. However, these assets need to be evaluated every year to ensure the conditions of indefinite lives are met and also whether impairment has occurred or not. Another type of intangible asset is the goodwill that is not amortized and its valuation estimating the fair value of the entire reporting entity to which goodwill is allocated, and impairment in the value is assessed every year.

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Academic.Tips. 2021. "What are the three types of intangible assets?" July 21, 2021. https://academic.tips/question/what-are-the-three-types-of-intangible-assets/.

1. Academic.Tips. "What are the three types of intangible assets?" July 21, 2021. https://academic.tips/question/what-are-the-three-types-of-intangible-assets/.


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Academic.Tips. "What are the three types of intangible assets?" July 21, 2021. https://academic.tips/question/what-are-the-three-types-of-intangible-assets/.

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"What are the three types of intangible assets?" Academic.Tips, 21 July 2021, academic.tips/question/what-are-the-three-types-of-intangible-assets/.

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