Except for goodwill, the accounting for intangibles is similar to accounting for tangible long-lived assets.

Question

Quizplus · Accepted Answer

Both intangible and tangible long-lived assets, except for goodwill, are initially recorded at cost and subsequently accounted for either using the cost model (cost less accumulated depreciation/amortization and impairment losses) or the revaluation model (fair value at the date of revaluation less subsequent accumulated depreciation/amortization and impairment losses), subject to impairment reviews. Goodwill, however, is not amortized but tested for impairment annually or more frequently if events or changes in circumstances indicate that it might be impaired.

Except for Goodwill, the Accounting for Intangibles Is Similar to Accounting