Accounting Study Guide

U.S. GAAP
Financial Reporting Guide

Section 3320: Other Intangible Assets

[U.S. GAAP Codification Topic]
350-30 General intangibles other-than goodwill

1. Intangible Assets
--> Type 1: Intangible assets with "finite" useful life
--> Type 2: Intangible assets with "indefinite" useful life

2. Intangible assets with "finite" useful life
--> amortized over useful life

3. Intangible assets with "indefinite" useful life
--> not amortized

4. Impairment Loss
All intangible assets are
--> tested for impairment
--> impaired if (a) < (b)
(a) carrying amount
(b) fair value
--> impairment loss = (b) - (a)

5. "Reversal" of impairment loss is not allowed. [asc 350-30-35-14, 350-30-35-20]