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Respond to the following in a minimum of 125 words: What is an intangible Asset? What...

Respond to the following in a minimum of 125 words:

What is an intangible Asset? What are some approaches to value an intangible asset? What are the useful life of intangibles?

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Intangible asset is an non-physical non-monetary asset which is held for use in the production or supply of goods and services, or for rentals to others, etc.

There are three (3) major valuation approaches used to measure intangibles:

  • Cost approach is based on the cost to create or recreate a similar intangible asset
  • Income approach is based on the income and expense data relating to the intangibles
  • Market approach is based on the market value of the similar assets

The useful life of intangible assets is the duration it contributes to your business’s value. For example, a copyright that lasts 10 years would have a useful life of 10 years.

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