Under current accounting standards,how should the costs of intangible assets with an indefinite life,such as goodwill,be treated?

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Under current accounting standards, intangible assets with an indefinite life, such as goodwill, should be reviewed annually for impairment. This means that if the fair value of the asset is less than its carrying value, the asset should be written down to its fair value, and the impairment loss should be recognized in the income statement. There is no amortization required for intangible assets with an indefinite life.

Under Current Accounting Standards,how Should the Costs of Intangible Assets