FAR 12 - Intangible assets Flashcards
(4 cards)
1
Q
how are intangible assets with finite lives amortized?
A
Their estimated useful lives
2
Q
How are cloud computing arrangements that don’t include software licenses treated?
A
AS SERVICE CONTRACTS AND EXPENSES AS BENEFITS ARE RECEIVED
3
Q
CAN YOU capitalize customized software?
YES OR NO?
A
NO
Customization costs are expensed if incurred during the preliminary stage but capitalized if during application development.
4
Q
What’s the one intangible asset that’s subject to the recoverability test?
A
Patent
