Intangible Assets

Intangible assets are certain long-lived legal rights and competitive advantages developed or acquired by a business enterprise. Intangible assets are typically acquired to be used in operations of a business and provide benefits over several accounting periods. Intangible assets with finite (determinable) lives are amortized and tested for impairment. Intangible assets with indefinite lives cannot be amortized and are just tested for impairment.