What are the different types of intangible assets? So,what is the accounting procedure for...

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What are the different types of intangible assets? So,what is the accounting procedure for patents and how does theamortization works for these type of assets...

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Intangible Assets According to the IFRS intangible assets are identifiable nonmonetary assets without physical substance Like all assets intangible assets are those that are expected to generate economic returns for the company in the future As a longterm asset this expectation extends for more than one year or one Operating Cycle Intangible assets lack a physical substance like other assets such as inventory and equipment They form the other largest category of longterm assets other than Property Plant and Equipment They can be separated into two classes They are identifiable and nonidentifiable Identifiable and Unidentifiable Intangible Assets Identifiable intangible assets are those that can be separated from other assets and can even be sold by the company These are such assets as intellectual property patents copyrights trademarks and trade names Software and other computerrelated assets outside of hardware also classify as identifiable intangible assets Unidentifiable intangible assets are those that cannot be physically separated from the company The See Answer

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In: AccountingWhat are the different types of intangible assets? So,what is the accounting procedure for patents...What are the different types of intangible assets? So,what is the accounting procedure for patents and how does theamortization works for these type of assets...