The current U.S. G.A.A.P. standards indicate that the costs of intangible assets

ID: 2510110 • Letter: T

Question

The current U.S. G.A.A.P. standards indicate that the costs of intangible assets with an indefinitely life, such as Goodwill, should:

Be reported on the statement of retained earnings in the year in which it was acquired.

Be amortized over a reasonable period of time not to exceed 50 years.

Not be amortized, but instead reviewed annually for any impairment.

Be reported as an expense on the income statement for the years they are used.

Be reported on the statement of retained earnings in the year in which it was acquired.

Be amortized over a reasonable period of time not to exceed 50 years.

Not be amortized, but instead reviewed annually for any impairment.

Be reported as an expense on the income statement for the years they are used.

The current U.S. G.A.A.P. standards indicate that the costs of intangible assets with an indefinitely life, such as Goodwill, should:

Not be amortized, but instead reviewed annually for any impairment.

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