Intangible assets - patents Define what is meant by the term intangible asset, provide an example and identify typical controls over intangible assets
An intangible asset is one that lacks physical substance, such as patents.
? Management authorizations are required for intangible asset transactions.
? Documentation regarding intangible assets should be maintained, and such documentation should include:
o Manner of acquisition (for example, purchased, developed internally)
o Basis for the capitalized amount
o Expected period of benefit
o Amortization method
o Amortization periods and calculations should be approved and periodically reviewed by appropriate personnel.
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